Hello fellow traders. Palladium Futures ( $HG_F ) is another instrument that has given us nice trading opportunity lately . As our members know the commodity is showing impulsive bullish sequence. We recommended members to avoid selling the commodity and keep on buying the dips in 3,7,11 sequences when get chance. In this technical blog we’re going to take a quick look at the charts of Palladium published in members area of the website and explain the Elliott Wave structure and trading strategy.
Palladium $PA_F Elliott Wave 1 Hour Chart 4.20.2021
Palladium remains bullish against the 2590.1 low . Pull back looks incomplete at the moment. The price hasn’t reached equal legs from the peak yet. The Commodity can give us another leg down toward 2755.8-2718.43 area. We don’t recommend selling and favor the long side. The main trend is bullish we expect to see at least 3 waves bounce from the marked blue box zone. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a reaction.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
Palladium $PA_F Elliott Wave 1 Hour Chart 4.21.2021
We got leg down toward buying zone: 2755.8-2718.43 ( blue box area) . Buyers appeared there as we expected. The commodity found buyers and giving us nice reaction from the area. Current view suggests wave 4 red pull back ended at the 2721.7 low. We would like to see further extension higher and break above 3 red peak to confirm next leg up is in progress.
Palladium $PA_F Elliott Wave 1 Hour Chart 4.21.2021
Rally continued and we got break above 3 red peak, confirming next leg up is in progress. The commodity now remains bullish against the 2721.73 low. It’s expected to keep finding buyers in 3,7,11 swings against the 2721.73 low in first degree.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Not every chart is trading recommendation. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast
Source: https://elliottwave-forecast.com/commodities/palladium-buying-dips-blue-box/