Long platinum - catch new trend up.

I have actually just gone long on a Platinum ETF on the broker platform I use. I do not know which ETF on trading view is the equivalent, but in any case I thought to update Platinum physical, since that's the underlying I'm actually following.

We are coming off a 5 wave down (so I believe), stochs have crossed, 1 bar trailing high taken out... what's not to like? I will post more tomorrow on my planned targets etc, but it's night time in Oz.

Comment:

Looking at the chart below, that last motive wave up (orange dotted diagonal) seems to be governing the move down (where I placed my pitchfork).

All the right fib ratios have been hit. I'm now taking the fib extension of the current wave up on the 3 hr chart to set targets in red. I'm using the same orange wave up fib ext and wave down purple retracement to guide price projections.

Look big picture at the weekly chart, we have come off a nice 5 wave down.

The risks to going long here are a protracted set of corrective waves geotensions dominate sentiment.

Comment:

Revisiting platinum as this position has been open for a long time. My previous comment was portending indeed. The market has been sideways, so the gains will come later - but I believe that the long position does have gains.

I am willing to stay in longer as the overall weekly is still positive and suggesting an upward trend. The news on platinum is that output is being cut, which will reduce supply.

Target september 3rd for the first interim marker with the final target a month later in October.