Platinum - Hit Demand Zone & IHS Formation
Platinum, also known by the nickname "Rich's Man Gold" hit strong support level that caused major trend reversal in 2008 (demand zone) as well as 1.618 Fibonacci extension based on prior wave down below the crucial support. On the daily TF it can be seen that potential inverted head and shoulders pattern has formed or is in the process of forming - aka bullish set up / trend reversal. The way I see it - price has just completed a 5th sub wave of major wave 1 so will likely retrace a bit / form right shoulder (where one could consider opening a long position) then continue higher. ATM I am targeting the top of the channel but break above it will result in trend becoming even more bullish. Currently bear div can be observed on RSI 1D TF and the MACD has crossed bearish. I have placed my buy limit orders in 795 - 814 range - marked green. Expectations for metals are bullish. But can metals and dollar move together? You bet your bottom dollar they can. :)
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