littleriver

Gann Fan Weekly Palladium "enter at your own risk"

NYMEX:PA1!   PALLADIUM FUTURES
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More fan fare with this one. From a distance it looks real mess but within the web there appears to be a method to the madness. Looking from a distance we have the the two major Fans on the far left of the screen. One projecting up and one projecting down. Currently palladium             price is wedged between the last two angles of these fans. Next there are two minor fans projecting down and two projecting up. One of the more interesting things on the chart was once price escaped the last the last angle of either an upward or downward fan their was a significant price movement that followed. This can be seen on the first minor down projecting fan reading from left to right. Looking at the second (and last) minor down projecting fan we are near escaping the last angle of this fan.

Now zooming in, The formation is the first thing that pops out. Palladium             has formed a triple bottom reversal inverted head and shoulders with a successful neckline test. Currently price is sitting on a 1x1 clone and just ahead is the las red fan angle of the downward fan. Beyond that is a nice clear channel leading directly last angle of the major upward fan on the far left. . Is this where Palladium             is headed? Or will there be rejection? Soon we will know.
As for me this looks like a range trading with a slight upward bias at the moment aiming at 730.
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