I actually never followed the CAC so I was very surprised that the French index is still about 20 % below last year's high (meanwhile the SPX is near the 2011 high...).
The CAC entered a huge resistance area mid January (3350-3450). If it can break above 3450ish we could see a rally up to 3700-800:
Support areas are 3250ish and 3350ish. As long as these levels hold the medium-term trend is up.
I also had a look at a long-term chart:
This is my preferred count. As long as 3250 holds the count looks pretty good and we could eventually rally towards last year's high. Should the CAC drop below 3250 though, then something else might be underway. Technically the count is valid as long as there is no move below 2800. A 600 point stop isn't very appealing though...
For the sake of completeness you can see the bearish count below:
