Is the metal ready to reverse higher and undergo a corrective rally? Only a break and close above 1123 will warrant a higher corrective rally.
One thing to point out is that this is a weak inside day since price has not cross below the .
This inside day is a continuation pattern of the prevailing trend. We are biased to scenario number 2 since the other metals such as Silver has yet to find a bottom. A break and close below 1087.50 then the metal is heading lower.
Therefore, our out look is that Platinum will retest 1087.50 and could very well break below previous low of 1086.50 and head lower to 1065 and 1030 levels before mounting any serious reversal.