A fall is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C of (2) has formed, a local correction has ended as the second wave ii of C of (2), and the wave iii of C of (2) is forming. If the assumption is correct, the price of the asset will fall to the area of 70.00–62.50. In this scenario, critical stop loss level is 92.40.

Main scenario

Short positions will become relevant below the level of 92.40 with the targets at 70.00–62.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 92.40 will let the asset grow to the area of 103.00–110.00.