On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave C of (2) develops. Now, the first wave of the lower level i of C of (2) has formed, a local correction has developed as the second wave ii of C of (2), and the third wave iii of C of (2) has started. If the assumption is correct, the price of the asset will fall to the area of 60.00–52.00. In this scenario, critical stop loss level is 83.58.
Main scenario
Short positions will become relevant below the level of 83.58 with the targets at 60.00–52.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 83.58 will let the asset grow to the area of 88.80–95.30.
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