close icon

Palladium Fulfilling The Bears’ Desires

“The bulls must be careful, because a reversal to the downside is likely to occur. A reversal, which could be the beginning of a larger move to the south with the potential to lead prices below $730.” That is what we wrote about palladium on March 9th in “Fibonacci To Force Palladium Down”. Our bearishness was based on Elliott Wave anaysis. It suggested we should prepare for the resumption of the downtrend, because there was a complete 5-3 wave cycle on the daily chart of palladium, shown below.
palladium 9.3.15
As it turned out, palladium was weaker than we thought, because prices did not even reach the 61.8% Fibonacci level. Instead, the precious metal proceeded straight to the anticipated sell-off . On March 30th, palladium prices fell to $723, thus fulfilling the expectations of taking out the $730 mark.
palladium 1.4.15
It looks like we are in wave (3/C) to the south. This means the downtrend remains in progress and we could witness even lower levels from now on. This situation shows the Wave Principle’s ability to warn us early enough about a probable change in the direction of the trend. Every market participant knows how crucial this is, once for preserving one’s fortune, and second, for allowing him to earn more.



Stay informed with our newsletter

Latest Elliott Wave analysis on different topics delivered to you weekly.

Privacy policy
You may also like:

Silver Price Going for $19 Before Retracing to $16

The price of silver, otherwise known as a safe-haven asset along with gold, crashed sharply as the coronavirus panic swept equity markets. XAGUSD fell to $11.64 on March 18th just as investors needed a refuge the most. But the precious metal has appreciated significantly since the depths of the selloff. As of this writing, silver…

Read More »

Gold is Crashing. Elliott Wave Somehow Predicted It

Common sense dictates that in a time of crisis demand for safe-haven assets jumps. The price of gold, for instance, the most sought-after asset in difficult periods, climbed to an all-time high of $1921 shortly after the 2008-9 market crash. This time though, as the world economy is on the verge of grinding to a…

Read More »

Gold Fails as a Safe Haven Amid Coronavirus Panic

The S&P 500 was down 14.4% for the week at one point Friday on fears the coronavirus outbreak is going to become a worldwide pandemic. It is common knowledge that investors turn to gold when stocks and other risky assets decline. Last week, however, that wasn’t the case. While stock markets around the globe were…

Read More »

Silver Bears Discouraged by Fibonacci Encounter

We last wrote about silver in March 2019, when the precious metal was hovering slightly above $15. Our analysis of its 4-hour chart gave us plenty of reasons for optimism. And indeed, six months later in September the price reached $19.65. Currently, silver is trading near $17.75, up from $16.53, but still down from that…

Read More »

Gold ‘s Surge and US-Iran Have Little In Common

Gold climbed to a six-year high on rising tensions between the US and Iran following the assassination of Iranian General Qasem Soleimani. The safe-haven asset reached $1590 earlier today as #WorldWarThree started to emerge on Twitter. We hope WWIII remains just a hashtag. In the meantime, we are once again baffled by how the media…

Read More »

Gold Traders Better Off Ignoring the News

In our previous article about the precious metal readers saw how the Elliott Wave principle put us ahead of gold ‘s $72-decline from $1531 to $1459. In short, the hourly chart made us think a three-wave decline from $1555 was still in progress. Hence, the bears remained in charge and more weakness could be expected.…

Read More »

Explaining Gold ‘s Weakness With Elliott Wave Logic

Gold bulls suffered in four of the last five daily trading sessions. A week ago, on September 24th, the price of gold briefly exceeded $1535. Earlier today, it touched $1459 before recovering to $1466 as of this writing. In the meantime, global economic growth is slowing and several recession indicators are flashing red; In what…

Read More »

More analyses