Growth is possible.

On the daily chart, a downward correction of the higher level ended as the wave B, and the upward wave C develops. Now, the first wave of the lower level 1 of (1) of C is forming, within which a correction has ended as the wave iv of 1, and the wave v of 1 is developing. If the assumption is correct, the price of the asset will grow to the area of 73.00–77.00. In this scenario, critical stop loss level is 58.60.

Main scenario

Long positions will become relevant above the level of 58.60 with the targets at 73.00–77.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 58.60 will let the asset go down to the area of 50.10–45.00.