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

On the daily chart, the third wave of the higher level 3 ended, and a correction develops as the fourth wave 4. Now, the wave (А) of 4 is forming, within which the first wave of the lower level 1 of (А) has formed, and a correction is ending as the second wave 2 of (A). If the assumption is correct, the price of the asset will fall to the area of 230.00–215.00. In this scenario, critical stop loss level is 280.58.

Main scenario

Short positions will become relevant below the level of 280.58 with the targets at 230.00–215.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 280.58 will let the asset grow to the area of 302.57–314.00.