Growth is possible.

On the daily chart, a downward correction ended as the second wave of the higher level (2), and the third wave (3) started. Now, the entry first wave of the lower level 1 of (3) is developing, within which the wave iii of 1 of (3) is forming. If the assumption is correct, the asset will grow to the area of 55.00–57.00. In this scenario, critical stop loss level is 47.60.

Main scenario

Long positions will become relevant above the level of 47.60 with the targets at 55.00–57.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 47.60 will let the asset go down to the area of 43.68–40.40.