Platinum Weekly Chart Bull Market Review

I changed the wave count around a bit making the 2011 peak a short 5th wave. The commercial hedgers are still net short, but that hasn’t stopped the platinum price from rallying.

During the 2017-2018 sideways pattern sure fits a zigzag very well which crashed to new record lows, before platinum started cranking up again.  If the bulls are in control then the simple bearish trend line will not contain platinum prices.

The $760 price level is also the second time that platinum hit a major bottom which also happened with the 2008 market crashes. That fact alone could send prices soaring.

The sad fact is that the pattern in the last 3 or so years, can also work as an expanded pattern. The “C” wave bullish phase can still travel above the 2016 “A” wave peak. The rising bottom wedge is also very bullish so any nightmares of platinum prices going to $400 soon, may have a few more years to wait.

Even once this 5 wave run in Minor degree has played out, it can also be another bear market rally.  I think $1200 is attainable but then another platinum crash should happen.

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