Elliott Wave 5.0 "Reboot"

Monday, February 1, 2016

Palladium Intraday Elliott Wave Count Review

I saw the top as an ending diagonal, but it could also be a triangle  in a "B" wave, which is my least favorite option. The big Paladium wave count is not clear enough, but we do have a rather insane crash in progress. Once I looked that the present rally is too choppy to be an impulse wave, then there is a good chance one more leg to the downside will happen. 

The $400 price level seems to be a great target as it wandered around that number even going back many more years than what I show.  Once one more leg gets added on, then we could look for another potential strong rally, but it could also be a fake.  We will only know if we watch the Intraday action when that day arrives.   I do not have the time to keep the detailed or better wave counts on some of these other metals.  Once all this completes, then we could be at another wave "A" bottom. 

Updated later 

I added this bigger wave count, and I must admit there is a lot of overlapping wave action I do not like.  This is the nature of commodities as they do walk to a different drummer,  even from each other.  

Since the 2000 peak palladium has followed the stock market more than any other commodities. From the 2003 bottom we saw moves that defy the impulse wave structure which tells me that the all the moves from the 2003 bottom were fake moves. 

If this is true with this pattern, then there would be only one outcome and that is a complete retracement of the 2003-2014 bullish phase.   That 2003 low is about $145. This is pretty hard to accept, but crashes are only setups for another bullish phase to come.   The crash from 2001 down to 2003, I show as a zigzag, so if this is also true that single "ABC" should also be completely retraced, in due time. 

In other words palladium should then soar above $1000 again.