The price is in a correction and a fall is possible.

On the daily chart, a downward correction of the higher level forms as the wave 2, within which the wave (C) of 2 develops. Now, the third wave 3 of (C) has ended, and a local correction is developing as the fourth wave 4 of (C), within which the wave c of 4 is forming. If the assumption is correct, after the end of the correction, the price of the asset will fall to the area of 60.00–50.00. In this scenario, critical stop loss level is 84.60.

Main scenario

Short positions will become relevant below the level of 84.60 with the targets at 60.00–50.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 84.60 will let the asset grow to the area of 103.00–121.18.