Firstly this is mainly about the near term expectations in the correction of the cycle up from the 1/21/2016 cycle lows in Platinum. The best reading of the larger cycles in Platinum suggests it can have a longer term cycle high and low in March and October of 2008 and since then rallied in a cycle up until August 2011. Afterward of that the precious metal declined in a cycle and trend lower with other metals & commodities.
The second thing I like to mention in the case of Platinum on 1/21/2016, it reached 811.4 and it is favored to have ended that larger declining cycle there. From that low the metal rallied again until 8/10/2016 high at 1199.5 shown on the chart below. From the 8/10 high this decline appears corrective by Elliott Wave standards and has not yet shown in our distribution system it will break below that 1/21/2016 low. There are other correlated instruments that are suggesting the same end result.
Thus consequently and in conclusion, in the near term while bounces show they will remain below the 11/9/2016 wave (X) connector and cycle highs at 1023 we will look for a little more price weakness toward the .618 Fibonacci extension at 854.1 before the correction of the cycle up from 1/21/2016 ends. Between now and price nearing that area it is expected to become evident that a larger turn back higher will be seen.
Thanks for looking and coming to the website and if you like, take a trial subscription of our service and see if we can be of help in your trading. Kind regards & good luck trading. Lewis Jones of the elliottwave-forecast.com TeamBack