Growth is possible.

On the daily chart, a correction ended as the second wave of the higher level (2), and the third wave (3) started, within which the entry first wave of the lower level 1 of (3) is developing. Now, the wave iii of 1 of (3) is forming, within which a correction has ended as the wave (iv) of iii, and the wave (v) of iii is forming. If the assumption is correct, the asset will grow to the area of 57.00–60.00. In this scenario, critical stop loss level is 49.30.

Main scenario

Long positions will become relevant above the level of 49.30 with the targets at 57.00–60.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 49.30 will let the asset go down to the area of 43.68–40.40.