ADR index

The ADR index closed below the neckline of the swings from the recent months and should have started the next wave down, as wave C of B up completed without achieving the target of the upper channel line. Wave B was a regular flat [3-3-5]. The truncation in wave C shows a loss of upward momentum. The move lower should test the lower end of the channel at 118 and eventually go below the wave A low of 108.