Platinum Market Structure – Upside Reversal Incoming? Elliott Wave Analysis
Why It Matters
Understanding the wave structure helps metal traders anticipate further platinum declines and position for a potential upside breakout near $1,500, impacting portfolio risk and timing decisions.
Key Takeaways
- •Platinum currently in wave‑four correction, targeting $1,500 next.
- •Most of the 40‑49% decline appears already completed.
- •Bearish goal: break below February lows around $1,887‑$1,818.
- •Potential wave‑four bounce could precede a larger upside move.
- •Alternative A‑B‑C scenario hinges on a break above $28 swing high.
Summary
The video provides an Elliott Wave analysis of the platinum market, focusing on the current wave‑four correction and the projected path toward a potential upside reversal. The presenter argues that platinum is in the C‑wave of an ABC correction, with an ideal target of $1,500, representing a 100% extension of the prior move. Key data points include a 37‑38% drop already realized, suggesting that roughly 40‑49% of the total correction is complete. The next bearish objective is a decisive break below February’s lows, specifically the $1,887‑$1,818 range, after which a wave‑four bounce may occur before any upward impulse. Notable remarks emphasize that “most of the move is already made” and that the “ideal target is at $1,500.” An alternative scenario—an A‑B‑C pattern extending the correction—requires a break above the recent $28 swing high, but the analyst deems this unlikely without clear five‑wave structure. Implications for traders are clear: monitor the $1,887‑$1,818 support zone for further downside, watch for a possible wave‑four rebound, and be prepared for a rapid upside if platinum nears the $1,500 threshold, which could signal the start of a larger bullish phase.
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