"All human activities have three distinctive features: pattern, time and ratio - all of which observe the Fibonacci Summation Series" (R.N. Elliott - "Nature's Law - the Secret of the Universe" - 1946)
For previous outlook and long term view on weekly charts,
see post of February 08, 2014
In the last threemonths I havefocused myattentionmainlyon the Italian stock marketwhich hasoutperformedthe other World stock indices.
For several weeksI keptanexposurefrom 50% to80% of my total assets, but a weekago,thinking it wasreached atopofwave (yesterday denied) I sold40%of my portfolioto cash apartofgains,andanother 20%yesterday.
Global equity marketsseem to betaking a breakand, excludedone, (and perhaps the DAX) the othersare notable to riseifSPXandNDXcontinue theircorrection.
The only one whohasthe strength to rise with
a new bull market is Bombay
However, there aremany US leading stocks with high CanSlim and Zacks ratings thatare forming awave4.