I do not know about future. Pattern looks good to me but I will be cautious at 4.4 area since it is the gap price. It may fill the gap and it may not. It really depends.
You are right on 4.22, it is its fair value -- As the underlying NOK1V = NOK ADR (1 for 1) --- Maths is simple --- 3.224*1.308 = 4.217. But sometimes they will have some gaps ( which create jobs for ADR arbitrage traders --- yes some of them do live arbitrage, but almost everyone does non-live arbitrage, too -- which is not exactly arbitrage but involves some direction trades, like this current situation. If I were at the trading desk now I would but NOK and rational is simple, it is at one percent discount; currency risk is low; S&P rallied after Europe closed.