Upwards movement continues as expected towards the target. A short term target is now provided.
Upwards movement overall continues towards the target. Today the invalidation point on the hourly Elliott wave chart was invalidated by 1.05 before price turned upwards again.
Last analysis expected a new low to 15.17 before a trend change. There was no new low, but there has been a bounce.
An inside day completes a doji, as seen on the daily Elliott Wave and Technical Analysis charts.
Price has overcome resistance at 1,236.50. The target on the alternate Elliott wave count has been reached.
This chart was last published on 9th of July showing a breach of an important trend line.
Price is now bouncing up for another test. There is a little room still for a little more upwards movement, if price wants to come up to kiss the trend line.
Again, adding volume makes this simple trend line more powerful. The breach was supported by volume, but now the bounce is not. The volume profile is bearish, adding to confidence that price may now stay below the line.
This analysis is published @ 05:05 a.m. EST.
After last published analysis for Oil, another update was posted in comments the following day that expected that the bounce was not over. Price has moved higher since then.
The bounce has continued as the alternate hourly Elliott wave count expected.
For Friday a bounce was expected to continue to about 1,228 to 1,232. Price bounced exactly as expected to reach a high of 1,231.73.
Last analysis expected a downwards breakout below support at 16.05 – 15.70. This happened on the 7th of July.
Price has moved sideways and remains above the invalidation point on the hourly chart. The correction is taking a little longer than expected.
A new high above 1,222.72 invalidated the main hourly Elliott wave count and added confidence to the alternate hourly Elliott wave count. The alternate has some support from volume analysis, and its target remains the same today.
A second Elliott wave version of “where’s Waldo”. A fun exercise (for the geeks amongst us).
Test your knowledge of Elliott wave rules. Review this chart and find five deliberate mistakes:
Two mistakes break core rules, but one involves some subjectivity and may need to be verified on lower time frames (an issue of subdivisions). But both look fairly obvious at this time frame.
Only one mistake is something that Motive Wave will alert you to, so the other four would be something you’d have to be aware of to avoid.
Price points are provided where you may or may not need them, so that provision of price points doesn’t alert you to where the mistakes are.
If anyone wants to have a go at their own (correct) wave count for Palladium, feel free to post in comments.
I’ll post answers to the mistakes, and my version of a correct wave count, after 24 hours.
Play in comments below.
Published @ 06:00 p.m. EST.