A fall is possible.

On the daily chart, the third wave of the higher level (3) formed, and a downward correction develops as the fourth wave (4), within which the wave C of (4) develops. Now, the third wave of the lower level the wave iii of C is developing, within which the wave (iii) of iii is forming. If the assumption is correct, the price of the asset will fall to the area of 131.10–111.45. In this scenario, critical stop loss level is 164.30.

Main scenario

Short positions will become relevant below the level of 164.30 with the targets at 131.10–111.45. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 164.30 will let the asset grow to the area of 178.80–198.70.