In my July 10 Palladium update I briefly detailed the setup for a top but no weakness emerged to confirm the possible turn and trigger selling. I specifically suggested that a push above 717 would allow for continuation towards 740 and some might regard today’s 739.25 high to be a bullseye.
This may be the last chance for this market to roll over and the first indication of a trend change would be a fall through 729 and further confirmation would be a fall below 724 which should lead to a test of 710. If prices simply continue higher from current levels a test of 800 would be a logical inference.
by Ron Feinstein