Platinum (PL) looks to have formed a bottom and the metal has started to rally higher in the next bullish cycle. The metal still needs to break above 1348.2 to confirm that the next leg higher has started. Below we updated the Monthly and Daily Elliott Wave chart for the metal.
Platinum (PL) Monthly Elliott Wave Chart
Monthly chart of Platinum above shows that wave ((II)) pullback ended at 562. Up from there, rally is in progress as a nesting impulse. Wave (I) of ((III)) ended at 1348.2 and wave (II) of ((III)) pullback ended at 802.1. From there, the metal extends higher in wave ((1)) at 1148.9. Dips in wave ((2)) completed at 843.1. While above 843.1, the metal can see further upside.
Platinum (PL) Daily Elliott Wave Chart
Daily chart of Platinum above shows that wave (II) pullback ended at 802.1. The metal then extended higher in wave ((1)) towards 1148.9. Pullback in wave ((2)) ended at 843.1. The metal then nested higher in wave (1) which ended at 1016. Wave (2) pullback has also ended at 870.1. Near term, while above 802.1, expect the metal to extend higher.
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