Platinum Bullish Flag Set to Become a 5-wave Correction
The bearish price action in 
PLATINUM that started since Feb 2021 has the hallmarks of a bullish flag:
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.
- Platinum breaking below the previous low ($825), potentially hitting the $700 area near the bottom trendline of the channel
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.