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Palladium Elliott Wave Analysis: Forecasting And Buying The Rally

In this blog, I want to share some short-term Elliott Wave charts of Palladium which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 11/30/18 indicating that Amazon ended the cycle from 11/23 low (1094.70) in black wave ((a)) at 11/30 peak (1198.1).

As Palladium ended the cycle from 11/23 low in black wave ((a)). It started a pullback lower in black wave ((b)). . Due to the right side bullish stamp, which you can see in the chart below. We advised members that we like buying Palladium at the equal legs from 11/30 peak.  Therefore, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. At the 100 – 1.236 Fibonacci extension of blue (a)-(b). Which came at around  1148.62-1142.76  area. The commodity reached that blue box in the chart below and we opened a long position in that area. As that was the first area for buyers to appear to take prices to new highs above wave 1 peak or a larger 3 waves bounce at least.