Platinum Weekly Chart Bear Market Review

This weekly chart of platinum is only about $28 away from hitting another major bear market low. Any price below $760 would confirm that the big bear market which started in 2008, is still alive and well. Little over a 10-year bear market and it’s still not finished. Bear markets don’t stop on a dime, even though at times it might look like it. This bearish phase could still twist and turn just to frustrate the hell out any wave analyst.

The best scenario would be a huge spike to the downside clearly visible on the bigger time series charts. In other words, this bearish move can still do a lot of damage to a bullish position. Commercials are still net short here, so I would like to see those numbers swing the opposite way before we get closer to a bottom.

I think my last Market Vane Report came in on the 12th and it shows a new record low amount of bulls present at 20%. This is the lowest reading in “All” of 35 different asset classes that make up the report. The 24-month low bullish number was 16%, so it will be interesting to see if 16% gets beat again. The lower the number, the more bulls there will be that can come back and drive a new bullish phase.

The bearish phase from the 2016 peak to the first 2018 peak is the same pattern as gold and silver have, except gold is the only asset that ended pointing up. Gold’s price action is brainwashing us because many mainstream analysts cover gold, but platinum is pretty well ignored.

I have to scan many mining blogs to catch the intensity of the platinum news, which I don’t have to do with gold. Any business related blog will have gold commentary.

 

Hits: 7

Share this...
Email this to someone
email
Print this page
Print