Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is unfolding as a double three. 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 higher time frame, 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 the metal has ended wave ((II)) at 562 on January 2020 low. The metal has turned higher in wave ((III)). Up from wave ((II)), wave (I) ended at 1348. Pullback from there was a clear 3 swing (corrective) and ended wave (II) at 796.8. The metal now needs to break above wave (I) at 1348 to rule out a double correction in wave (II). As far as pullback stays above wave (II) at 796.8, it can see further upside. Break below 796.8 suggests a double correction in wave (II) before the next leg higher.
Platinum (PL) Daily Elliott Wave Chart
Daily Elliott Wave Chart on Platinum above shows that the metal is pulling back in wave ((2)) to correct rally from 9.1.2022 low (801.9). Pullback is proposed to take the form of a double three. As far as pivot at 801.9 stays intact, expect pullback to find buyers and the metal to extend higher again.
Source: https://elliottwave-forecast.com/commodities/platinum-pl-pullback-find-buyers/