Platinum (PL) pullback should find buyers
|Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is unfolding as a double three. 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 higher time frame, 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 the metal has ended wave ((II)) at 562 on January 2020 low. The metal has turned higher in wave ((III)). Up from wave ((II)), wave (I) ended at 1348. Pullback from there was a clear 3 swing (corrective) and ended wave (II) at 796.8. The metal now needs to break above wave (I) at 1348 to rule out a double correction in wave (II). As far as pullback stays above wave (II) at 796.8, it can see further upside. Break below 796.8 suggests a double correction in wave (II) before the next leg higher.
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.