Bank of New York ADR Index

The DAR index retraced 61.8% in wave b in 3 waves and is set up for wave c down to start which should translate into another wave of selling in EM equities and currencies. Wave c goes below wave a where c=a meets, extentions in wave c cannot be ruled out

USDINR

USDINR remains in wave III where II is at 69.52 and from there III=I is at 71.75

S&P 500

The S&P is now making all time highs ending the inter market divergence that was a long term bearish signal. The triangle formation then was a 4th wave and we try counting wave 5 up. In this case wave 3<1 and therefore wave 5 would not be larger than wave 3. We are in iii of v so iv and v down and up are pending before a 5 wave advance can be said to be complete.

Nifty Video Update

Nifty is testing the 11650 support holding which higher levels near 11840-11880 remain open short term. Below 11620 the odds of wave v up pending would end. 

http://screencast-o-matic.com/watch/cFjvi6qwGS