Elliott Wave Analysis: Palladium With Bearish Setup Formation

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!
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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.