Platinum Bullish Flag Set to Become a 5-wave Correction

26 Şub 2023

The bearish price action in PLATINUM that started since Feb 2021 has the hallmarks of a bullish flag:

• Overlapping waves WXYXZ
• No significant price movement compared to the bullish impulse from Mar 2020 to Feb 2021.
  
• It has taken more than 2x the time to retrace 61.8% of the previous impulse move.
  
  
  Forecast:
  
  • Platinum breaking below the previous low ($825), potentially hitting the $700 area near the bottom trendline of the channel
    
  • Platinum bottoming at the Z wave
    
  • The price bouncing back targeting the upper trendline as the first target and the previous high ($1336) as the second target.