Commodites

Platinum Is Looking For A Bullish ResumptionApr 18, 2023

Platinum is looking for a bullish resumption, as it can be unfolding a new five-wave bullish impulse from Elliott wave perspective.

Platinum was trading in a correction for the past two years, which we saw it as a Double Zig-Zag or complex W-X-Y corrective pattern. At the end of 2022, we have seen strong bounce in an impulsive five-wave fashion, which was signal for a completed correction within uptrend.

Platinum Is Looking For A Bullish Resumption Daily Chart
Platinum Daily Chart

Well, after a sharp pullback in wave 2 with nice bullish setup formation, Platinum is now trying to break higher into wave 3 of a five-wave bullish impulse, especially if it manages to stay above channel resistance line. So, if breaks above 1200 bullish confirmation level, we can easily expect a bullish resumption towards 1400 – 1600 area.

Platinum Is Looking For A Bullish Resumption Basic Double Zig-Zag Pattern
Basic Double Zig-Zag Pattern

Double zigzag
•Corrective channels are important!
•Early confirmation of a completion is a break out of a corrective channel of wave Y, then break of wave B
•Final confirmation is above wave X

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