Growth is possible.

On the daily chart, the downward wave of the higher level B ended, and the upward wave C formed, within which the entry first wave 1 of C develops. Now, the wave iii of 1 is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the asset will grow to the area of 21.00–22.50. In this scenario, critical stop loss level is 18.15.

Main scenario

Long positions will become relevant above the level of 18.15 with the targets at 21.00–22.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 18.15 will let the asset go down to the area of 15.86–13.50.