The price is in a correction and may grow.

On the daily chart, a correction ended as the second wave of the higher level 2, within which the wave (C) of 2 ended, and the third wave 3 develops. Now, the first wave of the lower level (1) of 3 has formed, and a correction is developing as the second wave (2) of 3, within which the wave b of (2) is forming. If the assumption is correct, the price of the asset will grow to the area of 50.00–55.00. In this scenario, critical stop loss level is 32.65.

Main scenario

Long positions will become relevant above the level of 32.65 with the targets at 50.00–55.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 32.65 will let the asset go down to the area of 29.80–25.30.