A fall is possible.

On the daily chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. Now, the third wave iii of C of (2) is developing, within which a correction has ended as the second wave (ii) of iii, and the wave (iii) of iii is developing. If the assumption is correct, the price of the asset will fall to the area of 70.00–62.50. In this scenario, critical stop loss level is 88.40.

Main scenario

Short positions will become relevant below the level of 88.40 with the targets at 70.00–62.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 88.40 will let the asset grow to the area of 92.50–103.00.