DOUBLE TOPLooks like we have double top formation in delopment.
Curremt price action indictaes we have had breakout of neckline and retest from bottom which is good sign for sell entry..
XPDUSD1! trade ideas
Palladium - one of 2017's best performers so far - can it continA great performance so far for Palladium; price momentum has slowed down around new tops and price twice found resistance at 891. Currently buying pressure building up again? Or, will we see a retracement back from here? Next Fibonacci target a long way away at 1038 (year end target?) - Platinum may have something to say about that! If price fails here, support at 839 then 800.
Palladium bullish SharkSeptember Palladium is building out a bullish Shark pattern. A downside target of 845.90 might be Wednesday's play. If this can be achieved 827.20 would be a secondary target. Bulls may make another play for 890 or above before another move downward though.
Palladium Ideal Entry (November)Entry plan is based on the palladium head and shoulder pattern .
I'm waiting and watching for price action to signal a top near the dashed line (drawn from left shoulder's high). Ideally we get some deceleration with a doji candle followed by a high test candle to form the right shoulder and signal a reversal to the downside.
The bull cycle counts are pointing towards Q4 as a ideal time for a high and the monthly counts confirm that with their November target.
Ideally I'd be able to hop in around $800-$850 if/when that confirmation comes with my stop above the high we form. The market still has quite a bit of chart to fill over the next 5~ months so things wont become clear until we get closer to that November target. Reward:risk ratio target would be around 10-12:1 for the first entry.
I'll publish a more detailed plan as well as my entry if/when that time comes.
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.
Thanks!
Palladium Topping PatternPalladium seems to be hinting at a high within the next few months which would form a right shoulder within this head and shoulder pattern.
Checkout the full analysis: patstrades.com
Palladium continues Upward TrendJune Palladium is still on the move upward. Now building out a Bearish Butterfly, but needs to break resistance at 808.35 and stay above this to gather more steam. Upside target for bulls is 831.95 and then 846.55. Downside target for bears is 784.75 outside trendline. A wedge is forming here suggesting an upside surge. Overall target is 869.90
Here is why I am monitoring Palladium with careThere could be a wide range extension move there to come. The Blue Median Line is early, surely too early... but that pattern will help in case of a medium term breakdown. Educational only.
Palladium: Watching for the Moment to ShortPalladium Futures have been the second strongest performing future in 2017 so far . Yet my analysis is providing me several reasons to begin watching closely for an opportunity to short.
I am still a neophyte in Elliott Wave analysis but it seems very possible that we are nearing the end of an three wave correction which began January 2016. In this scenario Wave (C) has recently reached 1.618 * Wave (A), and is taking the form of what seems to be an ending diagonal triangle which looks close to completion.
Palladium has retraced and is currently trading at the .786 of the drop from the All-Time High which began in 2014
Two bearish patterns -- shark and bat -- are close to their completion points. A capitulation over the top of the ending diagonal triangle which is apparently typical of the pattern would likely drive the price to these levels.
There is bearish divergence in the weekly RSI and AO
It is important to wait for the confirmation of this analysis before going short, especially if there may be one more push up. Speculators are currently 72% long and the higher this number the better I will feel going against them (although using the COT is something I am still learning about as well!). I will continue analysis on the daily time frame and perhaps the 4 hour to try and get a more precise entry.
If you have any comments or feedback on this idea or your own analysis of Palladium please share!
Palladium daily chart with levelsNearing low of the day right now. Monitoring the signs of ev. further weakness. Update of
Palladium Up?June Palladium is looking for more upside. Using 785 as support, but there is an underlining downtrend present. Upside target 813.65 and if it can break the double top, 832. If this fails and 785 breaks, downside target trendline at 772 and possibly 770. PA must clear 801 and stay above that to make any headway.
Chart with Median LIne Not bad risk/reward ratio & nice pattern pull back on watch. Caution: trend is not Your friend here.
Palladium forming Bullish CypherJune Palladium is forming a bullish Cypher as it looks like we may see a triple top progression higher. RSI broke last week and Open Interest is starting to rise again. Next upside target 798 resistance and triple top, with target 804 forming 113% FIB. If fail, this might turn to bullish Gartley.
Palladium Bearish FlagJune Palladium created a bearish flag today from rise off of morning star doji Friday. Looking for confirmation tonight if this indeed a proper flag, or bounce to 766.30 resistance.
Palladium Finally FellJune Palladium finally took a nose dive today. Projecting a fall to 730 area. May fall further to the uptrend line, or rebound to fill out bullish Cypher.
Palladium Hit a WallJune Palladium rose overnight, then got hit with sells to end bearish. We still have a bullish flag with the last candle higher than other candles. We will see Monday if this is a continued channel, up market, or a down trend. The circled area shows a similar setup to what is happening now.
Palladium Bullish FlagPalladium created a bullish flag today and bounced off trend. Could triple top, which might indicate a continuation. Long term outlook could be 816.8 for Cypher C position. Cypher extension into the 840 range.
Palladium HammeredJune Palladium hammered today rejecting lower lows. We will see if it holds and a continued uptrend can happen. A bullish butterfly is in affect.
PalladiumPalladium produced a double top on Thursday and dropped. 772.85 is now support for June. H&S that was projected fell apart. Open interest continues to rise. See Palladium continuing upward after correction.
March Projection
Palladium: Multiple Bearish PatternsSo far Palladium has completed bearish 2618, AB=CD and Gartley Set-ups. The Gartley just triggered like 20 minutes ago and am pretty bummed I missed it. But there will be many more opportunities! Next I will be watching for a breakout of the wedge, or the formation of another bearish pattern.
Let me know your view!
