Hello traders!
Today we will talk about Palladium, its price action from technical point of view and wave structure from Elliott wave perspective.
On Palladium we have noticed the top for wave (V) at the beginning of March and in Elliott wave theory, after every five waves we have to expect at least a three-wave A-B-C pullback.
As you can see, Palladium turned down sharply and impulsively in March, which we see it barely as a first leg (A). After a completed wave (A), we can now see it trading in an A-B-C corrective recovery within wave (B), where ideal resistance is here at the former wave 4. So, from Elliott wave perspective, we have just got a nice bearish setup formation and we have to be aware of another sell-off for wave (C) soon.
From technical point of view we see nice resistance here around 2500-2600 area and channel upper line, maybe even up to 50%-61,8% Fibonacci retracement and 2700-2800 area, but keep in mind that a reversal down towards projected strong 1500-1300 support zone may occur anytime soon.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about Palladium, its price action from technical point of view and wave structure from Elliott wave perspective.
On Palladium we have noticed the top for wave (V) at the beginning of March and in Elliott wave theory, after every five waves we have to expect at least a three-wave A-B-C pullback.
As you can see, Palladium turned down sharply and impulsively in March, which we see it barely as a first leg (A). After a completed wave (A), we can now see it trading in an A-B-C corrective recovery within wave (B), where ideal resistance is here at the former wave 4. So, from Elliott wave perspective, we have just got a nice bearish setup formation and we have to be aware of another sell-off for wave (C) soon.
From technical point of view we see nice resistance here around 2500-2600 area and channel upper line, maybe even up to 50%-61,8% Fibonacci retracement and 2700-2800 area, but keep in mind that a reversal down towards projected strong 1500-1300 support zone may occur anytime soon.
Trade well!
If you like what we do, then please like and share our idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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Join the community for one week, full access. Its free >> @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
関連の投稿
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。