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 development of the fifth wave (5) started, within which the entry first wave of the lower level 1 of (5) forms. Now, the wave iii of 1 has formed, and a local correction is developing as the wave iv of 1. If the assumption is correct, the asset will grow to the area of 150.50–160.00. In this scenario, critical stop loss level is 119.70.

Main scenario

Long positions will become relevant above the level of 119.70 with the targets at 150.50–160.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 119.70 will let the asset go down to the area of 114.00–108.00.