The price is in a correction and may grow.

On the daily chart, a downward correction formed as the fourth wave (4), and the fifth wave (5) develops, within which the wave 3 of (5) forms. Now, a local correction is ending as the fourth wave of the lower level iv of 3, within which the wave (c) of iv is ending. If the assumption is correct, after the correction the asset will grow to the area of 300.00–310.00. In this scenario, critical stop loss level is 252.00.

Main scenario

Long positions will become relevant above the level of 252.00 with the targets at 300.00–310.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 252.00 will let the asset go down to the area of 242.55–227.65.