Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is likely in the form of expanded flat. In this article, we will update the longer term Elliott Wave outlook for Platinum. We also present an alternate view if the pivot at September 2022 low (803) fails, which suggests a bigger correction against March 2020 low remains in play. In the bigger picture, 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 it has ended important grand super cycle wave ((II)) low on March 2020. From there, it has started to turn higher in wave ((III)) with internal subdivision in 5 waves. Up from wave ((II)), wave (I) ended at 1348.2. Wave (II) pullback is proposed complete at 796.8 on September 2022. Alternatively, the metal can also do a double correction in wave (II. The dotted line on the above chart shows the alternate path. Either way, as far as it stays above wave ((II)) low at 562, it should resume higher again.
Platinum (PL) Daily Elliott Wave Chart
Daily Elliott Wave Chart on Platinum above shows that wave ((2)) pullback is currently in progress to correct cycle from 9.1.2022 low as expanded Flat structure. Up from wave (II), wave ((1)) completed at 1117. Pullback remains ongoing now with wave (A) ended at 903.9 and wave (B) ended at 1148.9. Wave (C) of ((2)) lower is expected to complete above 803.5 and the metal should then resume higher again. As an alternate, wave (II) can be doing a double as the first chart (monthly chart) above shows. In the alternate scenario, Platinum will do a larger correction in wave (II) but the pullback should remain above March 2020 low at 562 before it turns higher.
Source: https://elliottwave-forecast.com/commodities/platinums-correction-in-the-form-of-expanded-flat/