The chart above presents my phasing analysis on the Palladium market. It seems evident that we have recently hit a 9 year cycle low and we are on the verge of a significant advance going forward. The Palladium market is one 9 year cycle out of phase with the Gold market and the general commodity market. It seems that this market has a mind of its own. From a 9 year cycle perspective we can expect something similar to occur as did off of the 2009 low after which a significant advance ensued. Speculators can feel comfortable about longing this market going forward considering that the general tide in commodities is bullish as well as the tide in this particular market. A break of the recent 9 year cycle low would negate this outlook although I believe it to be very unlikely.