Bank of New York ADR index
Global equities have over shot on the upside but my view remains that the rallies are coutner trend but of a higher degree. So they are going to take time and we have to wait for momentum to reverse. Also they can either reverse from a spike top of spend time forming a pattern like a triangle at the highs that can waste time. The ADR index for world equities I track is now marked as A-B-C and we are in wave v of C but C=A can point even higher. Daily momentum indicators are diverging but in buy mode and so a reversal in momentum would be a further confirmation that the upside is being limited.