Warning signs are starting to build. To start we have a Dow Theory non-confirmation. Usually this is a sign of distribution.

Breadth is diverging. This often happens at intermediate tops.

Emerging markets have failed to make new highs.

China, the driver of global growth appears to be in a bear market.

Oil has now broken the pattern of higher lows. The odds are high that the oil cycle has topped.

Throw in the fact that the current daily & intermediate cycles are stretching and the risks are very high on the long side at this point.

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