A fall is possible.

On the daily chart, the first wave of the higher level (1) ended, and a downward correction develops as the second wave (2), within which the wave C of (2) forms. Now, the third wave of the lower level iii of C is forming, within which a local correction has ended as the wave (ii) of iii. If the assumption is correct, the price of the asset will fall to the area of 40.70–37.22. In this scenario, critical stop loss level is 47.92.

Main scenario

Short positions will become relevant below the level of 47.92 with the targets at 40.70–37.22. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 47.92 will let the asset grow to the area of 51.00–53.30.