Platinum (PL) has developed a strong five‑wave nesting impulse from the March 2020 low, reinforcing the view that the right side of the market remains higher. In this article, we present the latest long‑term Elliott Wave outlook.
Platinum (PL) Monthly Elliott Wave Chart
The monthly Platinum chart highlights a strong nesting impulse that began after the March 2020 low at 564.6. We have identified this low as wave ((II)) of the Grand Super Cycle. From that point, the metal resumed its advance in wave ((III)). Within this structure, wave (I) of ((III)) completed at 1348.2, followed by a corrective pullback in wave (II) that ended at 796.8. Platinum then began nesting higher within wave (III), which is expected to unfold through a sequence of fourth and fifth waves before completion. As long as price remains above 564.6, the broader outlook continues to favor further upside.
Platinum (PL) Daily Elliott Wave Chart
The daily Platinum chart indicates that the wave ((2)) pullback concluded at 843.1. From this low, the metal began nesting higher. Wave (1) completed at 1105 and the subsequent wave (2) pullback ended at 883.7. The advance continued with wave (3) reaching 1770. A corrective wave (4) followed which settled at 1481.2. In the near term, as long as price action holds above 883.7, any pullback should find support within a 3, 7, or 11-swing sequence, setting the stage for further upside.
Source: https://elliottwave-forecast.com/commodities/strong-nesting-impulse-drives-platinum-pl-higher/