Mapletree Industrial Trust (SGX: ME8U) bullish recovery is at its infancy after prices broke above the falling wedge formation. Recent technicals reveal further upside potential:

1. The sub-wave count of the Elliott wave indicate wave (iii) of the minor phase is ongoing should it breaks above the resistance zone at $2.84-$2.88.
2. The formation of the cup and handle reveals a complicated corrective wave count of wave (ii) and potent support for wave (iii). Furthermore, the bullish morning star has broken above the pennant and handle, indicating bullish upside.
3. The resistance zone has been tested multiple times and is likely weakened.

*Timeline of the trade is 12 weeks from the date issued.

*Should prices fail to clear above the resistance zone and a strong selling momentum occurs, then there is a possibility it will be a double three corrective wave. Should that happen, the trust may head lower to support zone 1 region.