The above charts are all from Europe -- Spain (top chart), Italy (second from top), emerging Europe (middle chart), France (second from bottom) and Germany (bottom). All have broken trend and are now correcting. All now have weaker MACDs. In all, the shorter EMAs (10 and 20) are declining and the 10 is below the 20 day EMA in two chart, with the other three close to printing the cross over. Prices are below the 10 and 20 day EMA in all charts. Also note the drop in the CMF in the Spanish and Italian markets (top two charts).
Spain and Italy (top two charts) have already moved through the 61.8% Fib level and are working down to the 50%. The French market (second from the bottom) is already at the top Fib fan and the German market (bottom) still has to make contact with a Fib level.
So far, this has been an orderly correction. However, it's difficult to see the US market continuing higher at the same rate with European markets moving lower.
