Palladium Wave Analysis – 12 March, 2020

• Palladium under bearish pressure
• Likely to fall to 1900.00

 

Palladium under bearish pressure after the earlier breakout of the support area lying between the support level 2155.00 (low of waves 4 and (ii)), support trendline from last August and the 61.8% Fibonacci correction of the previous upward impulse from November.

The breakout of the aforementioned support zone accelerated the active waves C and (4).

Palladium is likely to fall further toward the next round support level 1900.00 (likely price for the completion of the active impulse wave C)