France - Divergence analysis points to a market top

FX:FRA40   CAC 40 Index
177 0 5
This is the third market where I see signs of a top. I still hold a bearish bias on Austrlia and England from their weekly charts (both are posted here on TV). As I said on the chart, it's important to understand that these are not separate trades, they all go together. Either they all work, or they fail. Holding a short in France and Europe is the same thing, it's just a matter of prefference.

Looking back only a few months, there are divergences that worked well, so we can expect the latest to do the same. There is both a histogram divergence and a MACD lines divergence. If the day closes like this, under 4428, the false breakout will be confirmed. Even if it doesn't, I still hold by bearish bias. We should watch for a bounce from the first support, and look for the posibility of a double top , but as long as we don't have a close over 4500 the short stands. Major support is at 4000 - 4200 area and that is the target for a serious correction
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