Hennes & Mauritz has formed a new higher high. If it will make a higher low it will be a high probability for a new uptrend and possible breakout out of the (red) chanel.
Hennes & Mauritz is about to start an uptrend? It respected the resistance (purple line and formed a higher high (at 303). Maybe we are about to see a higher low too?
Hennes & Mauritz is showing more upside but before that my assessment is that we will get a pullback and the one more up. The arrows are not indicating an exact path, they are just for reference.
Thinking that this could fit in for the Elliot Wave theory with 1,2,3,4,5 going down and then a,b,c turning it around, perhaps over 300 swedish crown.