The price is in a correction and may grow.

On the daily chart, a downward correction ended as the second wave of the higher level (2), and the upward third wave (3) develops. Now, the third wave of the lower level 3 of (3) is forming, within which the wave iii of 3 has ended, and a local correction is developing as the wave iv of 3. If the assumption is correct, the asset will grow within the wave v of 3 to the area of 1100.00–1200.00. In this scenario, critical stop loss level is 776.25.

Main scenario

Long positions will become relevant above the level of 776.25 with the targets at 1100.00–1200.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 776.25 will let the asset go down to the area of 711.60–648.10.