Global Dow

GDOW

You may want to enlarge this. I ran out of colors so there are only 17 countries and I took a good deal of artistic license putting this together so it is far from perfect. Colgate-Palmolive is not a country but it might as well have been. On average the markets, at their recent lows (not today!), were pretty well at the level of the b-wave of the a-b-c counter-trend rally that retraced an almost precise 62% of the drop of 2008/2009. Expectations now should be focused on wave 4 of previous degree at about 700. The timing would be about a year from now, a little less so perhaps July, 2012.

Colgate should break down any moment.