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India ADR

The Bank of New York Indian ADR index, has not managed a meaningful bounce back since the top in Jan, not when US stocks bounced and not when Nifty staged its April rally, not when IT stocks rallied. It is sliding slowly. The long term chart shows that Jan top could very well be wave E of a 9 year long ending pattern, indicating more declines ahead and a break below the 1540 level at the lower end of the wedge.

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