In the U.S., the major stock indices show diverging dynamics; below an update after the structural analysis made in the post of April 06.
The DJIA does not seem to have reached the Cycle's Top, nor Primary or Intermediate, but only a Minor top (wave a) ; the daily chart shows the expected start of a sideways correction, wave b flat or three type, which should last a few more weeks, with potential targets in the area of 14,400 or 14,000.
Nikkei index, in the medium-long term, is in the bullish impulsive wave [C] Primary of wave B Cycle of wave [IV] SuperCycle; in the short-term is in wave 3 minor of (3) Intermediate in completion, which will be followed by a correction in wave 4 , like a sideways pattern (flat/three or triangle), that should be carefully monitored in order to open (or increase) a long position on wave 5 if there will be a valid and clear bullish setup.
my main long-term scenario is bearish , because it would have already reached the Cycle Top of wave D , starting the last wave E of a triangular wave [IV] of SuperCycle degree.
For now I don't see an interesting pattern setup.
The FTSE 100 index of the London Stock Exchange has a similar settings but it seems to still be able to go higher.
The weekly chart shows a potential Running Triangle pattern in wave [IV] of SuperCycle degree, with wave [C] Primary of D Cycle in completion.
Finally a look at the Italian stock market index, the FTSEMIB , that is not going bad at all (like the negative situation of fundamentals, confirmed by Moody's, let assume).
My 5 P.S. :
1) "The trend is your friend until the end".
I follow a trend-following approach; generally, I open long on the sideways breakout of a previus uptrend, occasionally on a controlled pullback, never on a reversal , that is counter-trend (short otherwise);
2) for a profitable trading, a strict money management and a disciplined psychological and behavioral approach are much more important than any model based on fundamental and/or technical analysis;
3) at least 50% of losing trades (or not winning) have a culprit: the trader, who has committed an incorrect analysis, a wrong header for excessive ego, a failure to compliance with its rules or stops, etc ...; always reflect on trades made, remembering, however, that the market, in the end, does what it wants and is always right;
4) in trading there are neither Gurus nor the Holy Grail; no certainty, only humility, hard work, perseverance, patience and discipline;
5) pray (for believers) or hope (for atheists and agnostics) not to run in the Black Swan; who had been long on Wall Street in September 11, 2001 would not have stood a chance ... and in trading, as in life, good or bad luck are crucial!