The price is in a correction, a fall is possible.

On the daily chart, a correction of the higher level ended as the wave 2, and the third wave 3 started. Now, the third wave of the lower level (3) of 3 is forming, within which the wave 1 of (3) has ended, and a correction is developing as the wave 2 of (3). If the assumption is correct, the price of the asset will fall to the area of 95.00–89.65. In this scenario, critical stop loss level is 118.75.

Main scenario

Short positions will become relevant below the level of 118.75 with the targets at 95.00–89.65. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 118.75 will let the asset grow to the area of 125.00–130.00.