Today’s gains maintain a positive structure that suggests higher levels to complete wave 5 within the sequence from the October low. As discussed, wave relationships based on this count project 5153 as a probable objective. The short term pattern will remain favourable to further unfolding uptrend providing we do not see a retreat through support at 4930 basis June. A decline through this level would indicate an upside failure, warning that an important high is in place.
