Warning signs are starting to build. To start we have a Dow Theory non-confirmation. Usually this is a sign of distribution.
Breadth is diverging. This often happens at intermediate tops.
Emerging markets have failed to make new highs.
China, the driver of global growth appears to be in a bear market.
Oil has now broken the pattern of higher lows. The odds are high that the oil cycle has topped.
Throw in the fact that the current daily & intermediate cycles are stretching and the risks are very high on the long side at this point.