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

On the daily chart, the third wave of the higher level 3 develops, within which the wave (3) of 3 forms. Now, the first wave of the lower level 1 of (3) has ended, and a correction develops as the second wave 2 of (3), within which the wave а of 2 has formed, the wave b of 2 has ended, and the wave c of 2 has started. If the assumption is correct, the price of the asset will fall to the area of 89.65–82.85. In this scenario, critical stop loss level is 101.50.

Main scenario

Short positions will become relevant below the level of 101.50 with the targets at 89.65–82.85. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 101.50 will let the asset grow to the area of 118.40–130.00.