Here is my updated view of the CAC in 4H timeframe.
We are currently on a huge support since it matches with the top of 2015.
If it holds and go beyond the wave 1 (@ 5442), we would go straight to 5750 which is a huge resistance and should then expect a deep retracement.
5950 is also in sight but it is not clear for the moment of the importance of it. Maybe a peak to chase the stops ? Will see when we get there...
In anycase the final target is set at 6200 which corresponds with the end of multiple cycles, including the largest one begun in 2012.
We are currently on a huge support since it matches with the top of 2015.
If it holds and go beyond the wave 1 (@ 5442), we would go straight to 5750 which is a huge resistance and should then expect a deep retracement.
5950 is also in sight but it is not clear for the moment of the importance of it. Maybe a peak to chase the stops ? Will see when we get there...
In anycase the final target is set at 6200 which corresponds with the end of multiple cycles, including the largest one begun in 2012.
