Chart of the day

ROP Roper Technologies Inc NASDAQ: ROP is breaking above the Inverse H&S resistance 500. This breakout is opening the extension higher in the third wave of the upside five.

Only a break below 484 will invalidate ultimately the extension higher and would change the Elliott Wave upside count. The next key upside resistance now lies at 510, after that it is an open space to 600.

Long trades are favored to be opened here with a stop loss below 480. We prefer the long trade entries at this stage as we see an ongoing price action to continue higher after the Inverse H&S shoulder breakout is confirmed. Short trade entries could come only upon a confirmed break below 469.