Platinum has been in downtrend for quite a long time and some time ago reached its minimum levels since 2008. but since downtrend is not finished yet, is it a good idea to buy @ $850-900 and hold it to $1000-1200 at least?
Palladium started strong selloff while Platinum holds strong.
PA:PL ratio was at historical highs.
Platinum is holding strong and did make new highs when Palladium made lower high.
COT is confirming reducing commertials positioning in Palladium
I think platinum has now completed leg C and is on its way up to leg D before sellers come in again. It may extend further down a bit more before going up but i think this is a good level to buy before shorting again.
Please note that this chart is an opinion based chart only. Please trade at your own risk
Watching closely to see if Platinum continues its move up. into a 3rd wave from its low of $770.
It is hitting the bottom of significant resistance.
Instead of the 3rd wave, the pattern could be an A B C from its low. If it pulls back below 878 it would be a good sign that this could very much be the C-wave being completed and it will target new lows
I am learning the Harmonic Pattern these 2 week, and this is my first Harmonic Pattern Post.
Do correct me if i am wrong here.
First i find the opportunity in rectangle Base breakout and Weekly down trend line broken with Target 980.
And also spot the potential Beautiful BAT pattern and coincide with the Target price as seen in the rectangle box target.
First Week of April 2019 if it was declared as Week of Platinum believe no body will deny it.
See what Platinum is doing last week as compare to its tiers like Silver and Gold.
Platinum broken its multi year Weekly Down trend Channel and Breakout the multi week consolidation zone and Stand above 900 Mark.
Based on the Box Pattern, my humble view will see...
Shortern Trade : SHORT
PL reaching the Weekly Down Trend Line Resistance and Daily Topping Pattern. (yet to confirm)
It might have many Hourly Short Trade to Capture quick retracement.
Such as Head is forming in Level 880 but yet to confirmed.
Longer Term Trade : LONG
However High Cautious Need to be watch out for as Daily :
MACD is making fresh new high -- More...