On the daily chart, a downward correction of the higher level ended as the wave (B), and the development of the upward wave (C) started, within which the entry first wave 1 of (C) forms. Now, the fifth wave of the lower level v of 1 is developing, within which a local correction has ended as the wave (ii) of v, and the wave (iii) of v is forming. If the assumption is correct, the asset will grow to the area of 550.00–635.00. In this scenario, critical stop loss level is 446.40.
Main scenario
Long positions will become relevant above the level of 446.40 with the targets at 550.00–635.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 446.40 will let the asset go down to the area of 392.00–306.85.
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