Growth is possible.

On the daily chart, the fifth wave of the higher level 5 develops, within which the wave (3) of 5 formed, a correction ended as the fourth wave (4) of 5, and the fifth wave (5) of 5 develops. Now, the first wave of the lower level 1 of (5) is forming, within which a correction has formed as the wave iv of 1, and the wave v of 1 has started. If the assumption is correct, the asset will grow to the area of 469.50–518.50. In this scenario, critical stop loss level is 405.70.

Main scenario

Long positions will become relevant above the level of 405.70 with the targets at 469.50–518.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 405.70 will let the asset go down to the area of 363.85–309.40.