I am currently leaning towards a risk-bearish view - that is likely to play out over the next few weeks.
As yet, there are no bearish signals, however the way risk markets are rallying suggests increasing caution.
This is a four-hourly chart of the German DAX, which might be completing a medium-term corrective wave.
The view is similar for the EuroSTOXX 50 - the highs since the November low have been made against sharply diverging momentum indicators.
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