Potential Toppreferred structure is double zigzag for WXY, the C wave of Y may be already topped
alter count could be only the A wave of Y finished
PT1! trade ideas
Long Platinum to $13.53Inverse head and shoulders in place for quite some time. Very clear break above neckline & backtest.
Measured move to $13.53.
Platinum Futures SHOTSHORT
TDI = Overbought
Stochastic = Overbought
Channel lines are parallel and showing rejection NOW
Buy platinum. price is offering a nice risk/reward.long down trend. consolidation before spike. better risk/reward than gold atm.
Platinum: The most bullish precious metalWith Platinum, my long entries in the precious metal market comes to an end. Notice the decisive early break-away happened in this metal, one day prior to Gold and Silver. What a precious metal trader should notice other than this is the congestion which clearly takes place above the bearish TL. This clarity does not exist in other metals, and therefore makes Platinum the most bullish of all. I am getting impatient to go long!
PL1! daily TAThere is a possible EW count for this pair on the chart. If the view in this chart holds true in its entirety, which I think is not very likely, because the lack of a Fib ratio relationship between the waves makes it imperfect, and therefore open to failure, the LMLH will be broken by the W4, which will then visit it again around 23 March 2016. One may wish to wait until that day, or trade it as it breaks the LMLH to the downside, keeping targets tight. If the price leaves its final micro trend before reaching the TL, a short trade is again possible.
PL1! weekly TAThe monthly look warned us about an imminent reversal, but I have no interest in getting into the train too early. The price has not yet reached the ML. And notice I choose my anchor placed between P1 and P2 of the pitchfork for a better fit, rendering the UMLH as the action line. Thus, I am waiting for a continued bearish action. The final arbiter will be the price behavior at the UMLH. On the other hand, the price may fall down without even reaching the UMLH, in which case the short trades should be led by a lower time frame analysis.
PL1! monthly TAI would love to be on the long side of the market for this precious metal after the green TL is broken. The price is headed to test the old lows, and I am suspicious if we will hit the horizontal red line or not. In any case, it seems we will test the green TL in the immediate future. If it's broken, it will mean the correction starts, and it may most probably last until a retest of LWL3. As an alternative scenario, the green TL may be broken with some lesser strength; price sticks to LWL4 and then brake it. One could find signals and indications about which scenario will come true by looking at the behavior of the market at the breakout level. But what would be most ascertaining for the bulls, as the third scenario, is the price continuing to decline without touching the greed TL. Then it would be frightening to go long, but of the most assured at the same time.
Platinum finds a support level just ahead of the fed rate dec.with the feds interest rate decision coming up on the 16th i think people will be looking for safer assets to put their money into and platinum is at a very long term support level and at a shorter term support level... i would probably wait to actually take a position at least till the upper resistance trend channel is broken.
750-790 important levelsBlue lines are resistance line broken 2003, became support 2004 and retested again 2008.
Long Platinum near resistance levelStart adding here. Excellent risk reward at the bottom of the channel and near oversold levels.
2.41% loss at previous lows vs potential 8%/27% gains.
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For leveraged play on the bounce: Platinum Group Metals LTD
A metal more hated than Gold Only stocks carry long term value at all time high levels! Metals at 8-10 years lows do not!!! :-)
The world has become very strange in last 3 years. These spreads will adjust at some point, but we don't know when and how.
Looking at Platinum only, we see it is even more bearish than Gold, however it is reaching interesting levels.
Monthly:
- Long term bearish Ichimoku setup has been valid since July/2014
- Price reaching a very important zone which acted as support/resistance zone which acte
during last 12 years!
- Heikin Ashi candle is bearish with lower low, however smoothed haDelta has started to build some positive divergence
- EWO has reached an extreme low, last seen during 2008 price collapse!
It may take a few more months, but 800-850 zone may slow down sellers again!
Daily:
- Clearly bearish trend and Ichimoku setup
- Price reached lower side of vearish trend channel, price got too far away from Kijun and Kumo (equilibrium)
- Heikin Ashi candle body shrinks with smoothed haDelta ticking higher. -> consolidation or early signal for possible pull back
- EWO is also extremely low, we should see a corrective wave soon
Strategy:
For now only watch for a max. 0,5 risk unit swing long! Take the trade only if Heikin Ashi pull back signal confirms
Platium potential bottomPlatinum (PLN15) has potentially formed a bottom and could start moving higher at this stage. Targeting 1234.0 on the median line if buy order triggered.
Level to watch on PlatinumChart is very self explanatory, price is looking to retest the 50% Fibonacci resistance area (Confluent with the descending trend line & the Daily 100 moving average). The weekly chart also hints towards a loss in bullish momentum. Looking to short on a retest of resistance upon confirmation of course.
Cheers =)
