Palladium Wave Analysis – 6 May, 2020

• 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).