Palladium Wave Analysis – 6 May, 2020
May 06, 2020 @ 16:36 +03:00
- Palladium broke support area
- Likely to fall to 1600.00
Palladium recently broke the support area lying between the key support level 1800.00 (which also previously reversed the price sharply in April) and the 50% Fibonacci correction of the previous upward impulse 1.
The breakout of this the support area is aligned with the active short-term downward impulse sequence (c) from the middle of April.
Given the strength of the active impulse wave (c) – Palladium is expected to fall further toward the next support level 1600.00 (likely price where the active impulse wave (c) will end).