Tops In Risk Are Very Likely Here.

European equity market indices are between 0.6% and 1.6% higher than closing levels of Friday 5 March. From here, I believe that risk will start to sell-off.

Here is an hourly chart of the DJ EURO STOXX 50 index. It appears that the correction higher that began over a month ago on 5 February is over.

This is a four-hourly chart of the Australian Dollar versus the Yen. With weakness in risk, I expect this cross to sell-off hard from current levels.