The price is in a correction and a fall is possible.
On the daily chart, the third wave of the higher level 3 formed, a downward correction ended as the fourth wave 4, and the fifth wave 5 forms, within which the wave (3) of 5 ended. Now, a local correction has started as the wave (4) of 5. If the assumption is correct, the price of the asset will fall to the area of 364.00–346.40. In this scenario, critical stop loss level is 423.15.
Main scenario
Short positions will become relevant below the level of 423.15 with the targets at 364.00–346.40. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 423.15 will let the asset grow to the area of 450.00–480.80.
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