The price is in a correction and may grow.

On the daily chart, the third wave of the higher level 3 ended, a downward correction formed as the fourth wave 4, and the fifth wave 5 develops, within which the wave (3) of 5 forms. Now, the third wave of the lower level 3 of (3) has formed, and a local correction is ending as the fourth wave 4 of (3). If the assumption is correct, the asset will grow to the area of 385.00–410.00. In this scenario, critical stop loss level is 306.15.

Main scenario

Long positions will become relevant above the level of 306.15 with the targets at 385.00–410.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 306.15 will let the asset go down to the area of 291.20–274.30.