Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is likely in the form of expanded flat. In this article, we will
Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is likely in the form of expanded flat. In this article, we will update the longer term Elliott Wave outlook for Platinum. We also present an alternate view if the pivot at September 2022 low (803) fails, which suggests a bigger correction against March 2020 low remains in play. In the bigger picture, the metal is in a bullish grand super cycle move higher against March 2020 low.
Platinum (PL) Monthly Elliott Wave Chart
Monthly Elliott Wave Chart of Platinum above shows that it has ended important grand super cycle wave ((II)) low on March 2020. From there, it has started to turn higher in wave ((III)) with internal subdivision in 5 waves. Up from wave ((II)), wave (I) ended at 1348.2. Wave (II) pullback is proposed complete at 796.8 on September 2022. Alternatively, the metal can also do a double correction in wave (II. The dotted line on the above chart shows the alternate path. Either way, as far as it stays above wave ((II)) low at 562, it should resume higher again.
Platinum (PL) Daily Elliott Wave Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
www.fxstreet.com