Bank of America ADR Index

World equities are at an important point after last weeks sell off in US joined the ongoing down trend in Europe. The Bank of America ADR index is a world index reflecting the trend in world stocks as a whole. The index after a 5 wave decline in 2008 has been moving up and slowly achieved 66% of that decline recently. The pattern appears to be a 3 wave rise in A-B-C, wave B was a clear triangle and wave C now appers like a ending diagonal whose legs appear complete and will confirm that wave e ended below 151.2 [current 155].