After a steady rise, the price has expectedly entered a consolidation phase and spent the entire final trading day of last week within a specific range. Although there were attempts to continue the movement, and buyers even managed to update the local price high, this was likely done only as part of a forming correction—more specifically, it could be wave b in an unfolding zigzag.

Thus, at the moment, a corrective development is assumed, and a decline is expected within the framework of wave c, which is anticipated to take the form of an impulse.

Furthermore, the assumed correction appears to be forming as wave ii in a nascent upward impulse. In this regard, opening short positions should be considered in the short term.

Recommendations: SELL 1.1760, SL 1.1790, TP 1.1700.