The price is in a correction and may grow.

On the daily chart, a downward correction ended as the second wave of the higher level (2), and the upward third wave (3) develops, within which the wave 3 of (3) develops. Now, the third wave of the lower level iii of 3 has formed, and a local correction is developing as the fourth wave iv of 3. If the assumption is correct, the asset will grow to the area of 1000.00–1100.00. In this scenario, critical stop loss level is 778.80.

Main scenario

Long positions will become relevant above the level of 778.80 with the targets at 1000.00–1100.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 778.80 will let the asset go down to the area of 717.00–660.00.