Is it now time to short Emerging Markets?

We have been surprised and wrong on emerging markets.  We were expecting a breakdown in EM on the back of rising debt levels and a stronger US dollar.  Instead, EM stocks keep climbing along with other world equity markets.  But just maybe we are there, i.e. time to get short?

With French elections out of the way.  Money flow weak in US equities despite new print highs. A divergence in the Industrials and Transports.  Plus, one of our favorite indicators: a 61.8% extension of the A Wave on declining momentum, showing a divergence into the price high.  All in the chart below.  Stay tuned.