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

On the daily chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C has ended, a correction has formed as the second wave ii of C, and the third wave iii of C is developing, within which a local correction is forming as the wave (ii) of iii. If the assumption is correct, the price of the asset will fall to the area of 67.00–60.00. In this scenario, critical stop loss level is 87.75.

Main scenario

Short positions will become relevant below the level of 87.75 with the targets at 67.60–60.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 87.75 will let the asset grow to the area of 95.42–100.96.