RedHotCandlestick
Short

Platinum - Head over Shoulders

NYMEX:PL1!   PLATINUM FUTURES
Dear Community,

today we have a quite interesting setup concerning Platinum             . It is actually more a possible- than an expected setup but still worth mentioning.

As you can see in the chart we are expecting the formation of a SHOULDER - HEAD - SHOULDER formation, highlighted in red semi-circles. If this scenario kicks in, we could easily dip deep into the intermediate target zone at around $960. However, there is a very good chance that, if all clicks into place, it will fall through the intermediate zone, following our optimal scenario and therefore primary target ay $811.

If you follow us on our premium analysis you will know that we have opened a short position a few days back, aiming for the intermediate and hopefully the primary target. It looks good so far but we need to keep an eye on it for sure.

Good luck.
Trade closed manually: We dipped into the support zone of the 'left shoulder' today and formed a reversal pattern. This might be the start of the 'right shoulder' but could potentially lead to a retest of the current high. We have therefore closed our short position with a small profit and consider re-entering once the S-H-S pattern is fully confirmed.
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