Platinum (PL) Soars, Kicking Off Fresh Bullish Rally

Elliottwave_Forecast

Platinum (PL) has broken out of its bearish channel this month, signaling strong bullish trend momentum. This article explores the latest long-term Elliott Wave technical outlook.

Platinum (PL) Monthly Elliott Wave Chart

The monthly platinum chart indicates that the Grand Cycle wave ((II)) correction concluded at 562. The metal has since turned bullish, advancing in wave ((III)) with a nested impulse structure. From the wave ((II)) low, wave (I) of ((III)) peaked at 1348.2, followed by a pullback in wave (II) of ((III)) ending at 802.1. Platinum has since resumed its upward trajectory, breaking above the descending bearish trendline from the March 2008 peak, confirming a strong bullish shift. The metal is expected to continue rallying within its nested impulsive structure.

Platinum (PL) Daily Elliott Wave Chart

The daily platinum chart indicates that the wave ((2)) pullback concluded at 843.1. From there, wave 1 peaked at 1105, followed by a wave 2 pullback ending at 875.9. The metal has since resumed its ascent in wave 3. In the near term, as long as the price remains above 875.9, expect platinum to continue extending higher.

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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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This article explores the latest long-term Elliott Wave technical outlook.</p>\n<h2>Platinum (PL) Monthly Elliott Wave&nbsp;Chart</h2>\n<p></p>\n<p>The monthly platinum chart indicates that the Grand Cycle wave ((II)) correction concluded at 562. The metal has since turned bullish, advancing in wave ((III)) with a nested impulse structure. From the wave ((II)) low, wave (I) of ((III)) peaked at 1348.2, followed by a pullback in wave (II) of ((III)) ending at 802.1. Platinum has since resumed its upward trajectory, breaking above the descending bearish trendline from the March 2008 peak, confirming a strong bullish shift. The metal is expected to continue rallying within its nested impulsive structure.</p>\n<h2>Platinum (PL) Daily Elliott Wave&nbsp;Chart</h2>\n<p></p>\n<p>The daily platinum chart indicates that the wave ((2)) pullback concluded at 843.1. From there, wave 1 peaked at 1105, followed by a wave 2 pullback ending at 875.9. The metal has since resumed its ascent in wave 3. In the near term, as long as the price remains above 875.9, expect platinum to continue extending higher.</p>\n<p>If you’d like to get regular Elliott Wave technical updates for various commodities, stock market and forex, you can sign up with our trial here –&gt; <strong>14 days Trial</strong></p></body></html>","htmlText":"<html><head></head><body><p>Platinum (PL) has broken out of its bearish channel this month, signaling strong bullish trend momentum. This article explores the latest long-term Elliott Wave technical outlook.</p>\n<h2>Platinum (PL) Monthly Elliott Wave&nbsp;Chart</h2>\n<p></p>\n<p>The monthly platinum chart indicates that the Grand Cycle wave ((II)) correction concluded at 562. The metal has since turned bullish, advancing in wave ((III)) with a nested impulse structure. From the wave ((II)) low, wave (I) of ((III)) peaked at 1348.2, followed by a pullback in wave (II) of ((III)) ending at 802.1. Platinum has since resumed its upward trajectory, breaking above the descending bearish trendline from the March 2008 peak, confirming a strong bullish shift. The metal is expected to continue rallying within its nested impulsive structure.</p>\n<h2>Platinum (PL) Daily Elliott Wave&nbsp;Chart</h2>\n<p></p>\n<p>The daily platinum chart indicates that the wave ((2)) pullback concluded at 843.1. From there, wave 1 peaked at 1105, followed by a wave 2 pullback ending at 875.9. The metal has since resumed its ascent in wave 3. In the near term, as long as the price remains above 875.9, expect platinum to continue extending higher.</p>\n<p>If you’d like to get regular Elliott Wave technical updates for various commodities, stock market and forex, you can sign up with our trial here –&gt; <strong>14 days Trial</strong></p></body></html>","text":"Platinum (PL) has broken out of its bearish channel this month, signaling strong bullish trend momentum. 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In the near term, as long as the price remains above 875.9, expect platinum to continue extending higher. 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