Automatic Data Processing Inc (US: ADP) Primary uptrend remain intact despite prices briefly broke below the intermediate downtrend. Technical price action indicate a strong bullish upside going forward:

1. Elliott wave analysis indicate that the upside is far from over as the ongoing wave (3) of the intermediate phase has yet to achieve its 161.8% Fibonacci expansion target of wave (1)-(2).
2. Rounding bottom formation is indicative of a bullish breakout above of the major resistance zone at US$212.11-US$216.33 after a piercing line candle was found consolidating within the resistance zone.
3. Ichimoku shows “Three bullish crossover” signal and it is a strong confirmation of the uptrend to come.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line