Platinum potential triangle configuration
What happened?
Previous Daily Low (PDL): 1838.64
Daily Close: 1884.14
Recovery from low: +45.5 points
This means the market:
-Swept below the 1858 swing low area
-Tested liquidity near the lower boundary of the triangle
-Failed to attract aggressive follow-through sellers
-Closed back inside the range
From an SMC perspective, this looks much more like a sell-side liquidity sweep than a clean bearish breakdown. The critical level mentioned was 1858.
The session: Traded below it (1838.64) But did not close below it
For Elliott and Wyckoff purposes, daily closes matter more than intraday wicks.
Therefore: Triangle remains valid......In fact, it is arguably stronger scenario Wyckoff Interpretation ....This now resembles: Spring Test
We have:
Support around 1858
Temporary break below support
Rejection of lower prices
Close back into the structure.....That is classic Wyckoff behavior.
Not confirmation yet, but certainly not markdown behavior. Bullish Confirmation A daily close above: 1893.60 (Poor High) Then: 1924.11 (Weekly POC)
If those are reclaimed: Triangle probability rises substantially.
Re-accumulation becomes the preferred interpretation.
Targets become: 2028.41 (single prints) / 2076.75 (single prints) / 2194.65 (major swing high) If 1838 proves to be the end of E: Then the triangle would be nearly complete.
The next major move should be an expansion move. Current Price: 1884 / Weekly Low: 1855 / Triangle Support: 1858
XPT/XAU Spread : 0.419
Weekly 55 EMA: 1755
COT: Neutral (52.4%)
The fact that Platinum is holding this area despite:
DXY = 99.21
Real Yield = 2.11% Is actually constructive.
Normally, with real yields above 2%, I would expect a much cleaner breakdown.
The market's inability to stay below 1855–1858 after sweeping 1838 is a subtle sign that sellers may be losing control.
The next battle is now very clear:
1893.60 (Poor High) → 1924.11 (Weekly POC).
If Platinum can reclaim those levels, the market will start looking much more like a completed E-wave triangle than an unfinished Wave 2 decline.
What happened?
Previous Daily Low (PDL): 1838.64
Daily Close: 1884.14
Recovery from low: +45.5 points
This means the market:
-Swept below the 1858 swing low area
-Tested liquidity near the lower boundary of the triangle
-Failed to attract aggressive follow-through sellers
-Closed back inside the range
From an SMC perspective, this looks much more like a sell-side liquidity sweep than a clean bearish breakdown. The critical level mentioned was 1858.
The session: Traded below it (1838.64) But did not close below it
For Elliott and Wyckoff purposes, daily closes matter more than intraday wicks.
Therefore: Triangle remains valid......In fact, it is arguably stronger scenario Wyckoff Interpretation ....This now resembles: Spring Test
We have:
Support around 1858
Temporary break below support
Rejection of lower prices
Close back into the structure.....That is classic Wyckoff behavior.
Not confirmation yet, but certainly not markdown behavior. Bullish Confirmation A daily close above: 1893.60 (Poor High) Then: 1924.11 (Weekly POC)
If those are reclaimed: Triangle probability rises substantially.
Re-accumulation becomes the preferred interpretation.
Targets become: 2028.41 (single prints) / 2076.75 (single prints) / 2194.65 (major swing high) If 1838 proves to be the end of E: Then the triangle would be nearly complete.
The next major move should be an expansion move. Current Price: 1884 / Weekly Low: 1855 / Triangle Support: 1858
XPT/XAU Spread : 0.419
Weekly 55 EMA: 1755
COT: Neutral (52.4%)
The fact that Platinum is holding this area despite:
DXY = 99.21
Real Yield = 2.11% Is actually constructive.
Normally, with real yields above 2%, I would expect a much cleaner breakdown.
The market's inability to stay below 1855–1858 after sweeping 1838 is a subtle sign that sellers may be losing control.
The next battle is now very clear:
1893.60 (Poor High) → 1924.11 (Weekly POC).
If Platinum can reclaim those levels, the market will start looking much more like a completed E-wave triangle than an unfinished Wave 2 decline.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.