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Apr 7th, 2011: Update 2 – Mid-day

Posted by pugsma on April 7, 2011

12:50 pm EST:  The week-long correction for wave iv-(3) is probably best labeled as a double Zig-Zig (ZZ).   Watch for a break above 1339 to signal that the correction is over and wave v-(3) is headed for 1350 to 1363.

Also, watch for a break above 57.70 on the QQQ’s to signal the “cup and handle” is in-play with a target of 62.5.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=9e386ba8-9b34-4a62-9283-ffc2047d452d

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ab84d377-aaad-4d2b-ad59-98b90e0770f4

SP-500 5-min chart (12:43 pm):

SP-500 15-min chart (12:41 pm):

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