Elliott wave analysis of Palladium

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Palladium

 

Ryan asked me to take a look at Palladium, so here we go.

 

Since the top in early 2001 at 1,090 we have been in a major correction. We saw a three wave decline from 1,090 down to 148.50 in early 2003, which I have counted as wave W and the following rally has been a very complex X-wave, which I expect to end near the old top at 1,090. However, we are currently in a wave 4 triangle, we will take longer to finish before the last rally higher towards 1,090. Once this X-wave is over near 1,090 we should see a new massive decline towards the low near 148.50. 

 

So enjoy this rally for as long as you can, but the future outlook, once this X-wave is finished is not that bright.