Growth is possible.

On the daily chart, the upward wave of the higher level C develops, within which the first wave (1) of C forms. Now, the third wave of the lower level 3 of (1) has formed, a correction has ended as the fourth wave 4 of (1), and the fifth wave 5 of (1) is forming, within which a correction is developing as the wave ii of 5. If the assumption is correct, the asset will grow to the area of 800.00–850.00. In this scenario, critical stop loss level is 590.60.

Main scenario

Long positions will become relevant above the level of 590.60 with the targets at 800.00–850.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 590.60 will let the price go down to the area of 541.43–500.55.