Uptrend still in place in Minor wave 5 :
On this log scale weekly-frame of Palladium, the wave counts explain a six years rally in overlapping waves, as an extensive ending diagonal which is in the late stages.
The recent rise from the 723 low of Minor wave 4, as an initial move, would indicate that price will continue to climb higher in final rally of Minor wave 5 in the coming months. The wave 5 should carry above the 913 high on September 2014, to complete the Intermediate wave (C) as an ending diagonal.
Based upon this concept, the outlook remains bullish, as long as the fourth wave’s low at 723 holds.