In this technical blog, we are going to take a look at the past performance of Palladium, 1-Hour Elliott wave Charts that we presented to our members. In which, the cycle from 8/02/2019 low showed a higher high sequence in an impulse structure with the right side up called for more upside to take place. Therefore, our members knew that buying the dips in 3, 7 or 11 swings remained the preferable trade. We will explain the Elliott wave structure & buying opportunity our members took below:
Palladium 1 Hour Elliott Wave Chart
Palladium 1 Hour Elliott Wave Chart from 10/23/2019 London update. In which the metal showed an impulse rally where wave 3 in red ended $1750 high. Down from there, the metal made a wave 4 pullback which was expected to offer buying opportunity in 3, 7 or 11 swings looking for more upside. The internals of that pullback unfolded as a double three structure where wave ((w)) ended at $1712.7 low. Wave ((x)) bounce ended at $1746.2 high. Wave ((y))) was expected to reach 100%-161.8% Fibonacci extension area of ((w))-((x)) at $1708.89-$1685.69 extreme area. For a potential long side looking for more upside or for 3 wave reaction higher at least.
Palladium 1 Hour Elliott Wave Chart
Here’s Palladium 1 Hour Chart from 10/29/2019 Asia update showing reaction higher taking place from the blue box area. Suggesting that metal made the last push lower within 100%-161.8% Fibonacci extension area of ((w))-((x)) at $1708.89-$1685.69 as expected. And offered our members a buying opportunity at the blue box area as expected. Allowing members to create a risk-free position shortly after taking the long position from the blue box area.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a Free Trial.
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