The price is in a correction and a fall is possible.

On the daily chart, a downward correction of the higher level develops as the wave B, and the wave C started, within which the entry first wave 1 of (1) of C formed. Now, a local correction is developing as the second wave 2 of (1) of C. If the assumption is correct, the price of the asset will fall to the area of 101.33–97.18. In this scenario, critical stop loss level is 115.00.

Main scenario

Short positions will become relevant below the level of 115.00 with the targets at 101.33–97.18. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 115.00 will let the price grow to the area of 120.00–130.00.