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Palladium: What Next?

Palladium 2022 06 09 01 27 37

Elliot Wave Analysis for Palladium

Palladium is a rare metal that is used in medicine, chemical applications, jewelry, dentistry, hydrogen purification, electronics, and groundwater treatment. In reaction with hydrogen and oxygen within the fuel cells, can produce heat, water, and electricity.

The global mining of Palladium takes place in Russia, therefore the demand for solar panels, fuel cells, and nuclear power plants saw a huge increase instead of its supply, which is facing export restrictions due to the sanctions of the EU and USA against Russia.

The traded value now is at 1939 points, dropping just from the recent all-time high at 3433 points in March 2022, whereas the all-time low was at 148 points in May 2003. So, in almost 20 years has seen an increase of 2,200%.

Monthly Range: Higher in wave ((5)) of V

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Palladium: What Next? 11

            Regarding the duration of the introduction of Palladium into the metal exchanges, from the monthly trading chart (log scale), we support our counting from the view of Cycle waves. Having said that, the metal has finished with its III and IV Cycle waves – a triangle for the IV Cycle wave -, and is on the way to unfolding the final V Cycle. Within this last impulse Cycle wave, it seems that the ((1)), ((2)), and ((3)) Primary waves have been completed. The ((4)) Primary wave may be ended or is about to end, because we see many fluctuations and sideways corrective pattern, as of a flat or a triangle.

Thus, the decline reached the 1543 points, with the 38,2% Fibonacci retracement to be at 1422,77 points, the 50% at 1147,72, and the 61,8% at 925,84 points. Observing the end of the ((1)) Primary of the V Cycle wave at 860 points could also be a strong support level, but the whole uptrend from the end of the IV Cycle wave will not anymore be an impulse, but an ending diagonal due to the overlapping of the ((4)) into the territory of the ((1)), which for the fifth waves is acceptable, and also is considered a motive wave.

If the ((4)) Primary has been completed, then the ((5)) of the V will exceed the all-time high.

Weekly Range: Higher in wave ((5)) of V

Image 38
Palladium: What Next? 12

            On the weekly trading chart (log scale), the ((4)) Primary shows a correction from its peak and we are counting 5 waves already. Two scenarios will be provided. If the ((4)) has been completed, then it formed a running flat, then went to its peak, and after that has exceeded the 61,8% Fibonacci retracement of this last rally, with the 78,6% level to be at 1831,01 points. Running flat, because the unlabeled (C) Intermediate wave didn’t fall beyond the end of the unlabeled (A) of the same degree wave.

            If the ((4)) Primary wave hasn’t finished yet, then from the highs and lows the only option for us is a running triangle (top rising, bottom almost flat) – running triangle, for the same reason as the first scenario.

Daily Range: Searching For Evidence in wave (2)

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Palladium: What Next? 13

          Closer now on the daily trading chart (log scale), we are supporting the first scenario of the completion of the ((4)) Primary wave, so the coming rally and the correction will be the new impulse for the last ((5)) of the V Cycle wave.

            If the metal breaks the end of the ((4)) Primary wave, then the second scenario will gain ground for the no completion of the ((4)). However, whichever scenario is going to happen, it doesn’t ruin our market forecast for the ((5)) Primary, which from the time and length of the ((1)) and the ((3)) Primary waves, easily will make new highs.  

See More Analysis For Metals Market:

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Written by Trade Zign

TradeZign (TZ) is a market forecasting firm,TZ's 10 full-time analysts cover every major market (commodities, stocks, energy, bonds, metals, currencies).

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