ADR index - or the world index, I had to spend some time figuring this one out. The reason is that the initial decline from April to June was not perfectly impulsive probably because the US market did not accompany other markets downwards. But making the chart up side down solves the puzzle. Here the entire structure from Oct'14 to Jul'15 is a wave B triangle, known as a diamond in classic TA. Like a triangle it has 5 waves a-b-c-d-e. But here first prices expand and then contract. This pattern ends at the July high after which we note that prices are falling in wave C in 5 waves. And wave iv just completed. This aligns with my global view that around the world all markets show a wave iv bounce back. Wave v down is subdividing everywhere. so all markets are making the same formation now. The chart below is upside down so rising prices mean falling prices. Wave v down has already started.