Platinum (PL) climbed to record highs in late January, signaling a potential turning point toward a sustained secular bull market. The advance was followed by a prolonged corrective phase, which now appears to have run its course as the metal pivots higher. This article examines Platinum’s broader trajectory and the evolving Elliott Wave structure that continues to shape its long‑term outlook.
Platinum (PL) Monthly Elliott Wave Chart
The monthly Platinum chart underscores a decisive move to fresh all‑time highs, confirming the strength of its long‑term advance. The metal has been unfolding a powerful nesting impulse rally since the 1992 low. Grand Super Cycle wave ((I)) culminated at $2308.8 in 2008, marking the prior record peak, before a sharp correction in wave ((II)) bottomed at $557.4. From that base, Platinum resumed higher in wave ((III)), recently breaking into new record territory.
Within this structure, wave (I) terminated at $1348.2, followed by a retracement in wave (II) that found support at $822.3. The metal is now progressing within wave (III). As long as price stays above $557.4, the outlook favors further upside.
Platinum (PL) Daily Elliott Wave Chart
The daily Elliott Wave chart of Platinum shows that the metal completed wave ((3)) at $2925. This marks its recent all‑time high in January 2026. The subsequent pullback in wave ((4)) ended at $1539.6. However, the metal still needs to break above wave ((3)) peak to rule out a double correction. In the near term, as long as price action remains above $889.5, dips are expected to hold support in either a 3‑ or 7‑swing sequence, favoring continuation to the upside.