Palladium is heading a little further downwards: the price is now drilling deeper and deeper into our turquoise Target Zone (coordinates: $1092 - $997). We expect that the low of wave B in turquoise will be deposited within this price range and that the trend reversal to the north will then succeed, which should subsequently bring us the price increases in wave C in turquoise. All technical conditions have now been met for this low; however, we allow the price to move a little lower again within our Zone. To hedge or minimize the risk of long trades, a stop 1% below the lower edge of the Zone can be placed. However, if the primarily expected bullish trend reversal succeeds, the metal should soon break above the resistance at $1257 and thus gain fresh upward momentum.
