Bank of New York ADR index

The ADR Index went back to sell mode on momentum after a negative divergence and prices peaked near the 4th wave high and 38.2% retracement. Appears set up to tart wave 3 down of larger degree. At the same time similar behaviour is in the S&P and most world markets also are near completion of counter trend bounces. Wave 3 down would then be a global event with all market together. The recent high maybe very important.