Please see my post from July 19 here first: http://theelliottwavesufer.blogspot.dk/2013/07/elliott-wave-analysis-of-palladium.html
Witold asked for a update on Palladium, so here we go.
We are still locked inside the large triangle from the beginning of 2011 and we have likely just seen wave d and is working on wave e lower towards 682,92 before we will see thrust out of the triangle towards the upside for a move closer to 1,100 in a major flat correction.
What are the risks? That we are still working on the c-leg of the triangle and the formation needs much longer time to finish. No matter, which count finally turns out to be the right one we will likely not see anything below 600, but only time will tell.
Hi,
ReplyDeletethank you very much,would be possible,that we've already seen on Friday this leg e,because the minimum price was very close to your 682,92? But if it's the case, we should see also higher prices on eur/usd before your significant wave to the downside
best regards Witold
Hi Witold
DeleteYes it's possible, but to confirm that wave e is done we need a break above 740.10 and more importantly a break above 769.50.
However, looking at the shorter time frame I think we are currently in a minor wave four and need on more decline to finish this e-wave.
Kind regards
EWS