The price is in a correction and may grow.

On the daily chart, a downward correction of the higher level ended as the second wave (2), within which the wave C of (2) formed, and the development of the third wave (3) started. Now, the first wave of the lower level i of 1 of (3) has formed, and a local correction is developing as the second wave ii of 1 of (3), within which the wave (b) of ii is forming. If the assumption is correct, after the end of the correctional wave ii of 1 the asset will grow to the area of 40.40–45.00. In this scenario, critical stop loss level is 30.72.

Main scenario

Long positions will become relevant above the level of 30.72 with the targets at 40.40–45.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 30.72 will let the asset go down to the area of 26.75–24.60.