Palladium Daily Chart Review

 

PAY00-Aug-17-2016

 

Palladium has also enjoyed a very bullish move, and many may think that this has been, the start of a secular run. I don’t think so, as at best it may be finishing of an old bull market run. Yes, I will have to adjust if any decline starts to look like a corrective decline.  In any bullish correction Palladium should find a bottom, with a worst case scenario correcting down to the $540 price level. 

In a true bear market rally, Palladium would have to eventually make a complete retracement, below $450. Complete retracements confirms that a bullish run was actually a bear market rally.  This will take time to play out, but even if Palladium does not retrace itself this time, then I am sure it will do it when a Cycle degree 4th wave bottom arrives.   This 4th wave peak just kissed the price territory of wave 1, so this can push the Palladium move into a diagonal classification. 

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