CAC or France is considered to be the biggest bombs in the Eurozone and the CAC index like many others in Europe show a similar wave count to the one we saw develop in the Nifty with some variations in the short term structures. Largely they are A-B-C from the Sep-Dec low point in 2011. CAC made a new high in wave e of 5 and might have topped out. A break below the rising trendline at 3684 will confirm. In face the A-B-C uptrend has retraced a perfect 78.6% of the previous fall that occurred on the back of Greece and US downgrades during 2011. The long grinding counter trend move must be over.