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Category Archives: Platinum

Platinum Crash And Bull Market Review

 

Platinum-June-20-2016

 

I haven’t looked at Platinum for some time, but with a fresh chart, I started to look for an alternate pattern.  I looked at that crazy decline and I counted it out as a “running triangle “B” wave”. When the running “E” wave finished, then the remainder 5 waves down started making sense. Platinum joined the commodities bear market in 2011, with a present bottom in January, 21, 2016.

Looking at it from the running triangle perspective, then we can look for the next idealized bullish phase that could be in progress already. This would be a “C” wave bull market, and technically this “C” wave should retrace the $1900 price level, hopefully with some room to spare. This would work out to about a 100% price gain for platinum. 

At any other time this big correction could be the start of a big 5 wave sequence, but if you get the degree wrong, I promise you, it will never work. 😛 Any rally from this point forward has to show it means business as any impulse wave structure, would send Platinum soaring.  

With this chart you can’t help but be bullish, in the longer term, but we have to be on watch for a single zigzag pattern that could end early. Since any “C” wave could be a diagonal, then the wave counts would change dramatically.  We need a Minor degree wave 1 which may not be completed as wave 1 in Minuette degree may be finished or has already finished.