On the daily chart, the third wave of the higher level 3 ended, a downward correction formed as the fourth wave 4, and the fifth wave 5 develops, within which the wave (3) of 5 forms. Now, the fifth wave of the lower level 5 of (3) is forming, within which the wave iii of 5 has developed, a local correction iv of 5 has formed, and the development of the wave v of 5 has started. If the assumption is correct, the asset will grow to the levels of 405.50–430.00. In this scenario, critical stop loss level is 362.60.
Main scenario
Long positions will become relevant above the level of 362.60 with the targets at 405.50–430.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 362.60 will let the asset go down to the area of 349.10–341.20.
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