With the red lagging line displaying two consecutive higher weekly closes above the cloud we anyhow received information that a new and broader up-trend has been launched which receives additional evidence if the shown Elliott count is taken into account.
The latter implies that a B-wave low of higher scale has been marked at 6.2705 in January 2013 which concludes that a broader C-wave up towards 7.6200 (C = A) is on its way.
Interesting to note at this point is that a minor c-wave up on lower scale shows a calculated target at 6.9032 so that we are taking part of our profit below to see whether the market is having enough momentum to produce a scale jump at the latter..
Setbacks at current should be limited to 6.7170 (minor 38.2 %) as not to question the up-trend as such whereas a break above 6.9032 would challenge 7.0789 (int. 76.4 % on higher scale) next.
JPM