Mentorship

Mentorship

ADR Index

17 Mar 2017 ‚óŹ 04:53 AM

The Bank of New York ADR index works like a World index and is pushing to breakout of what looks like a rising wedge or triangle. So this is critical in setting the direction of global market. If this is a throw over from an ending pattern then it is the last push.

 adr-170317

On a longer term chart however in 2015 the ADR index made a double bottom and doing so the index remains in a rectangle pattern since 2009, that is for 9 years. On this monthly chart we are close to the upper Bollinger band near 136. So beyond 136 it would look like the wedge pattern above is wrong and we are going to test the upper end of the rectangle and attempt a bullish breakout above it.

 adr-170317a

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