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.