On the daily chart, a downward correction of the upper level was formed as wave B and wave C is building, in which the first entry wave 1 of (1) of C was formed. At this moment, the downward correction is completing as the second wave 2 of (1) of C, in which wave c of 2 ends. If the assumption is correct, after the correction, the price of the asset will grow in wave 3 of (1) in the area of 123.60–135.00. The critical stop-loss level for this scenario is 96.35.
Main stage
Long positions are relevant above the level of 96.35 with targets of 123.60–135.00. Implementation period: 7 days or more.
Alternative scenario
The breakout and price fixing below the 96.35 level will allow the asset price to continue declining in the 89.85–79.25 area.
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