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Minor Completed Pullback in ADR 50 ETF
Minor Completed Pullback in ADR 50 ETF
By Mike Paulenoff, www.MPTrader.com
By Mike Paulenoff, www.MPTrader.com
The pattern carved out by the BLDRs ADR 50 ETF (NASDAQ: ADRE) during the past several sessions has the look of a completed minor pullback within the dominant upleg off the March low at 45.09. Provided the policy action the FOMC does not create a plunge to the downside, the ADRE should begin a climb to new recovery highs above 54.80, projected into the 55.80-56.20 target zone.