Platinum (PL) Correction Remains In Progress

Platinum (PL) is still correcting cycle from 9.1.2022 low before the rally resumes. We also present an alternate view if the pivot at September 2022 low (796.8) fails. If it breaks below 796.8, it suggests a bigger correction against March 2020 low. In the higher time frame, the metal is in a bullish grand super cycle move higher against March 2020 low.

Platinum (PL) Monthly Elliott Wave Chart

Monthly Elliott Wave Chart of Platinum above shows that the metal has ended wave ((II)) at 562 on January 2020 low in 3 swing. Up from there, it ended wave (I) at 1348.2 and wave (II) pullback is proposed complete at 796.8. While above 796.8, the metal can see further upside. If it breaks below 796.8, then the metal is doing a double correction in wave (II) and opens further downside to reach 610 area before support is seen.

Platinum (PL) Daily Elliott Wave Chart

Daily Elliott Wave Chart on Platinum above shows that the metal is pulling back in wave ((2)) to correct rally from 9.1.2022 low (796.8). Pullback is unfolding in the form of a double three structure. As far as pivot at 801.9 stays intact, expect the metal to extend higher.