| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 452.98 |
| Take Profit | 409.50, 384.73 |
| Stop Loss | 489.50 |
| Key Levels | 384.73, 409.50, 489.50, 510.00, 530.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 489.55 |
| Take Profit | 510.00, 530.00 |
| Stop Loss | 482.75 |
| Key Levels | 384.73, 409.50, 489.50, 510.00, 530.00 |
The price of the asset is in a correction and a fall is possible.
On the daily chart, the fifth wave of the higher level (5) develops, within which the wave 1 of (5) formed. Now, a downward correction is developing as the second wave of the lower level 2 of (5), within which the wave a of 2 has formed. If the assumption is correct, after the local correction b of 2 the price of the asset will fall to the area of 409.50–384.73. In this scenario, critical stop loss level is 489.50.
Main scenario
Short positions will become relevant below the level of 489.50 with the targets at 409.50–384.73. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 489.50 will let the asset grow to the area of 510.00–530.00.
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