Growth is possible.

On the daily chart, a downward correction of the higher level ended as the wave (B), and the upward wave (C) started, within which the entry first wave 1 of (C) develops. Now, the fifth wave of the lower level v of 1 is developing, within which the wave (iii) of v is forming. If the assumption is correct, the asset will grow to the area of 700.00–750.00. In this scenario, critical stop loss level is 550.00.

Main scenario

Long positions will become relevant above the level of 550.00 with the targets at 700.00–750.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 550.00 will let the asset go down to the area of 466.70–390.00.