Platinum (PL) may have ended the correction to the cycle from 9.1.2022 low and in the early stage of turning higher. If the pivot on September 2022 low at 796.8) breaks, it suggests a bigger correction against March 2020 low within wave (II) which is not our primary view at the moment. 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 chart of Platinum above shows that the metal ended wave ((II)) at 562 during the Covid-19 crash. It has since turned higher in wave ((III)). Up from wave ((II)), the rally is in progress as an impulse. Wave (I) of ((III)) ended at 1348.2 while dips in wave (II) of ((III)) ended at 796.8. The metal has since turned higher in wave (III). Up from wave (II), wave ((1)) ended at 1148.9 and dips in wave ((2)) might have ended at 843.1. The metal can be in the early stage of the next leg higher.
Platinum (PL) Daily Elliott Wave Chart
Daily chart of Platinum above shows that the metal ended wave (II) at 796.8 and turned higher in wave (III). Up from wave (II), wave ((1)) ended at 1148.9 and dips in wave ((2)) ended at 843.1. Expect the metal to extend higher while it stays above 796.8 in the first degree. If the metal breaks below 796.8, then it will do a double correction against March 2020 low at 562.
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