Growth is possible.

On the daily chart, a downward correction of the higher level ended as the wave B, and the wave C started, within which the entry first wave 1 of (1) of C forms. Now, the fifth wave of the lower level v of 1 is developing. If the assumption is correct, the asset will grow to the area of 122.00–130.00. In this scenario, critical stop loss level is 109.57.

Main scenario

Long positions will become relevant above the level of 109.57 with the targets at 122.00–130.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 109.57 will let the price fall to the area of 103.10–98.40.