I have been watching the Wolfe-Wave Pattern recently (thanks to 4xForecaster tradingview.com/u/4xForecaster/). It Looks like we have a nice setup on Palladium for a correction (or a reversal ?) by -7.5%.
* Entry short in the "sweet spot zone" circled in red, named like this because it's under the top of the channel (green) and over the top of the wedge (blue). * Stop loss over the top of the channel around 923. * Target in the 840 range.
A similar price action was achieved between 2014-04-21 and 2014-06-11, leading up to a similar 5-prime and a resulting drop. A nice repetitive market geometry developing.
David Alcindor
Technician
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Nice catch, good luck
cooney_s
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Nice call there!!!
QuantitativeExhaustion
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nailed it
IvanLabrie
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It does look like a great trade in the making. Cool
B33tcoin
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I didn't expected that timing to be honest!
B33tcoin
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Update:
Take profits, despite any technical rebound, I tink Palladium is in trouble and continue inside the bearish channel (red) to correct and test again the $700 range. Where the outstanding bull rally began this year.
IvanLabrie
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Still holding on to that short? Perfect clean setup, surgical strike. :D
B33tcoin
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I closed on friday (around 880) then tried to short again yesterday but been hit by a stop loss for 0,05%, I missed the drop :(
Very frustrated and frustrating. By that was the plan, so shit happens.
B33tcoin
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We have a nice H&S pattern (1H) which help us to take a safe bet.
A similar price action was achieved between 2014-04-21 and 2014-06-11, leading up to a similar 5-prime and a resulting drop. A nice repetitive market geometry developing.
David Alcindor