Monday, September 27, 2010

Update on Palladium

This morning's sell off is exactly what needed to happen for the wave count to be correct. There are 2 critical price levels that need to be taken out before the odds go way up this is a tradable top, I have shown them on the chart. The most important level is around $535. Trade below that would lock in a 3 wave rally from $525 and enough evidence for me to take a long term short postion.

Closing update: Price traded under the swing low. Next step is to penetrate the corrective price channel, then trade under b to lock in 3 waves up.


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