Palladium Daily Chart Review. Short Term Bear Trap?




Palladium has been on one wild ride, which on the surface looks like an impulse.  Looks are deceiving as there are many waves that act like a diagonal more than any impulse wave would.  It still should give us 5 waves up, but they are all counted as connecting zigzags. In the last several months or so, Pallaium did not decline with nice impulse waves, but it was a very choppy decline, which tells me that the recent decline is just a correction. 

This could also produce a very long last 5th wave, but we would have to be ready for any alternate pattern, that may still happen. 

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