Bull trend in place but expect more sideways in short-term :
Based on the adjusted wave counts on this Intraday chart, Palladium is developing the Minute wave b(circle) in sideways, which its Minuette waves of (a), (b) and (c) were completed and following waves of (d) and (e) likely lie ahead.
The broader outlook remains bullish now against the 769, as long as the price holds above the 755 – end point of Minuette wave (a).
Bullish view in the A -Triangle B – C in progress :
Palladium has gone sideways in a triangle, and will continue to rise in ongoing minute degree wave c.
The outlook remains bullish now against the level of 788, with good potential to higher levels…
Bullish view in the A -Triangle B – C in progress :
Palladium broke out of the resistance of (b)-(d) connection line of the running triangle. And now is rising in the minute degree wave c.
The outlook remains bullish against the level of 769, with good potential to far higher levels…
Bullish view in the A -Triangle B – C in progress :
Palladium is marching in place under the extension of (b)-(d) connection line.
Exceed to the level of 785.45, as the extreme point of wave (d), would confirm that the terminus point of the wave b(circled) has formed and rise in the following wave c(circled) begun.
The outlook remains bullish, now against the level of 769 – the extreme point of wave (e).
Bullish view in the A -Triangle B – C in progress :
The running triangle, as the minute degree wave b, has taken time and go sideways adequately to suggest the wave b has been completed, and rise in the following wave c of the same degree is probably ahead.
The outlook now is bullish against the level of 755, towards new highs.
The bearish view in short term :
Palladium has still kept to develop the overlapping waves, likely in a running triangle as the minute degree wave b. Then rise in the following wave c of the same degree is probably ahead, in anticipation of an A -Triangle B – C in progress.
The immediate target for extreme point of the wave (e) of triangle is 765.35, where wave (e) equals 0.618 times the length of wave (c) – as a common relationship between the same direction subwaves in a triangle.
Note : The extreme point of wave (c) at 755 , could be considered as a “Red line” on this pattern. Because, wave E of a triangle pattern never moves beyond the end of wave C.
Contracting Triangle:
“A triangle appears to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. The triangle pattern contains five overlapping waves that subdivide 3-3-3-3-3 and are labeled A-B-C-D-E.”
As a rule about “Contracting Triangle” in Elliott Wave Principle :
” Wave C never moves beyond the end of wave A, wave D never moves beyond the end of wave B, and wave E never moves beyond the end of wave C. The result is that going forward in time, a line connecting the ends of waves B and D converges with a line connecting the end of waves A and C.”
After completing an impulsive minute degree wave a, Palladium has developed a running triangle as wave b of the same degree.
The anticipated target for extreme point of this triangle is 765.35, where wave (e) of the triangle equals 0.618 times the length of wave (c) of the same triangle – a common relationship.
Note : The internal waves of triangle is not labeled on this chart.
Under the bullish outlook :
After falling in a five-waves sequence, as the wave c(circled) of 4, Palladium has risen likely in initial subsequent of the fifth wave in progress.
The bullish outlook :
On this frame of intraday charts, after completing the wave b(circled) in three waves [ leading diagonal wave (a) – Triangle wave (b) – impulsive wave (c) ], Palladium fell in five waves as the wave c(circled) of 4. Currently, wave 5 up could be started.
The bullish alternative :
On these frames of Palladium’s intra-day charts, I’ve just explained subsequents of the ongoing fifth wave of an ending diagonal likely in progress: A leading diagonal as wave a (circled), a regular flat as wave b (circled), and an impulsive wave up as wave c (circled) likely ahead…
Elliott Chart 