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DavoodWadi

Platinum Bullish Flag Set to Become a 5-wave Correction

Long
CFDs on Platinum (US$ / OZ) (TVC:PLATINUM)  
DavoodWadi  
TVC:PLATINUM   CFDs on Platinum (US$ / OZ)
Wave Analysis Chart Patterns Trend Analysis Platinum XPTUSD preciousmetals
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waveanalysis chartpattern trendanalysis platinum xptusd preciousmetals
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.
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