Platinum (PL) has broken out of its bearish channel this month, signaling strong bullish trend momentum. This article explores the latest long-term Elliott Wave technical outlook.
Platinum (PL) Monthly Elliott Wave Chart
The monthly platinum chart indicates that the Grand Cycle wave ((II)) correction concluded at 562. The metal has since turned bullish, advancing in wave ((III)) with a nested impulse structure. From the wave ((II)) low, wave (I) of ((III)) peaked at 1348.2, followed by a pullback in wave (II) of ((III)) ending at 802.1. Platinum has since resumed its upward trajectory, breaking above the descending bearish trendline from the March 2008 peak, confirming a strong bullish shift. The metal is expected to continue rallying within its nested impulsive structure.
Platinum (PL) Daily Elliott Wave Chart
The daily platinum chart indicates that the wave ((2)) pullback concluded at 843.1. From there, wave 1 peaked at 1105, followed by a wave 2 pullback ending at 875.9. The metal has since resumed its ascent in wave 3. In the near term, as long as the price remains above 875.9, expect platinum to continue extending higher.
Source: https://elliottwave-forecast.com/commodities/platinum-pl-soars-kicking-off-fresh-bullish-rally/