Palladium had a small up day today. Waiting to see if this flags bearish or bullish. Using the head and shoulders that might continue, suggesting bearish flag tomorrow and down Thursday and into Friday. Otherwise this market will continue to creep up. June Palladium in the same situation.
Very interesting market Palladium. Can make a lot of money fast, or loose it all. Been watching this for a couple of weeks now. If you don't know, Palladium is used in catalytic converters. Since the drop in oil prices for 2016, the car industry have seen an uptrend. 2017 may shape out that same way as there is too much anxiety that the OPEC agreement won't amount...
I'm long PALL (etf) from 61.20.
White count, while valid, is suspect given the deep wave 4 (below the 61.8% extension). I've added the blue count--a variation of sub-divisions in wave (3) with much higher targets.
Given the rally stalled at the 100% extension off the lows, then failed to hold the 61.8% extension, I'm not sure the full impulse will play out to (5)...
Looks like the top is complete or we are very close to the top
Will short if break the red uptrend channel
note: a very clear extended blue wave 3, anticipate height equality between wave 5 and wave 1
Palladium has broken out of a monthly downtrend and is in a strong up trend. However, this move can end anytime. Potential targets could be the 1.272 and 1.618 FE. Following a consolidation, it should give another move up.
