On Palladium we have noticed the top for wave (V) at the beginning of March and in Elliott wave theory. After every five waves we have to expect at least a three-wave A-B-C pullback.
As you can see, Palladium turned down sharply and impulsively in March. Which we see it barely as a first leg (A). After a completed wave (A), we can now see it trading in an A-B-C corrective recovery within wave (B), where ideal resistance is here at the former wave 4. So, from Elliott wave perspective, we have just got a nice bearish setup formation and we have to be aware of another sell-off for wave (C) soon.
From technical point of view we see nice resistance here around 2500-2600 area and channel upper line, maybe even up to 50%-61,8% Fibonacci retracement and 2700-2800 area, but keep in mind that a reversal down towards projected strong 1500-1300 support zone may occur anytime soon.
