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Wave counts

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Wave counts

A possible new impulse looks to have started again. One of our targets at 1,850 was met.The rally from there looks very impressive.

As mentioned earlier, we expected prices to push higher towards 2,645 initially and then correct lower in a corrective pattern towards 2,460 or even lower to 2,225 , and then subsequently rise towards a medium to long-term target at 3,600, which could bring this current impulse to an end.

The medium to long-term expectation that we have been having is slowly materialising and the impulse wave is underway. But, a short-term fall below 2,800 now has caused doubts on our overall bullish expectations.

We will have to closely watch the important resistances in the 2,900-3,000 range for any directional call going forward.

RSI is in the neutral zone now, indicating that it is neither overbought nor oversold.

The averages in MACD are still below the zero line of the indicator, hinting that the bearishness is still intact. Only a crossover again above the zero line could hint at a bullish revival now. Therefore, look for palm oil futures to test support levels and rise again.

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