The price is in a correction and a fall is possible.
On the daily chart, the third wave of the higher level 3 ended, and a downward correction started to develop as the fourth wave 4. Now, the wave of the lower level (А) of 4 is forming, within which the first wave 1 of (A) has ended, and a local 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 191.30–156.80. In this scenario, critical stop loss level is 278.80.
Main scenario
Short positions will become relevant below the level of 278.80 with the targets at 191.30–156.80. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 278.80 will let the asset grow to the area of 300.00–325.00.
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