The Bank of New York ADR index did pause near the trendline of the highs. The highs and lows make for a potential triangle in an X wave that maybe complete here. So till we get a clear break out on the upside we need to weigh the risk of a top in the global market index here. This could happen either because of US equities or EMs. In 2015 EMs were the cause of this index falling off a cliff. This time EMs are getting strength from the bearish dollar view and maybe it is time for the US markets to give in. This level is going to be important. It could mark a pause in the reflation rally.