The price is in a correction and may grow.

On the daily chart, a downward correction ended as the fourth wave of the higher level 4, and the fifth wave 5 forms, within which the first wave (1) of 5 develops. Now, the wave 3 of (1) is forming, within which the third wave of the lower level iii of 3 is developing. If the assumption is correct, the asset will grow to the area of 164.00–170.00. In this scenario, critical stop loss level is 138.05.

Main scenario

Long positions will become relevant above the level of 138.05 with the targets at 164.00–170.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 138.05 will let the asset go down to the area of 130.75–122.43.