Platinum: Little Consolidation (Wave 4); Golden Ratio
We can see a very well defined cycle, and wave 1 to 3 already created.
This new cycle could be a consolidation, the price can drop to 14,6% or 23,6% level.
Or even in the middle between 38,2% and 23,6%, where other wicks has already touched, creating a support, where can also occur the last candle of Wave 4.
Open interest in
PL1! is falling and the major trend rising, it can occur a reverse, and this reverse will be the Wave 4.
RSI left the Overbought level, followed by a failure swing, resulting in continued decline of the indicator.
After the peak $1,016.45, ADX is losing strength while DMI+ has a high probability of changing position with DMI-.
This new cycle could be a consolidation, the price can drop to 14,6% or 23,6% level.
Or even in the middle between 38,2% and 23,6%, where other wicks has already touched, creating a support, where can also occur the last candle of Wave 4.
Open interest in
PL1! is falling and the major trend rising, it can occur a reverse, and this reverse will be the Wave 4.RSI left the Overbought level, followed by a failure swing, resulting in continued decline of the indicator.
After the peak $1,016.45, ADX is losing strength while DMI+ has a high probability of changing position with DMI-.
Note
Wave 4 created, as expected, the price reach the three levels, and the middle of 38,2% 23,6% was where we got demand.
So right now is time for Wave 5. DMI+ is already above DMI-. ADX didn't cross any DMI, what can mean the initial strength of long direction.
RSI > 50
Note
Open interest is also rising together with the trend, meaning a long trend continuation
Note
Daily Elliot Wave: Wave 3, has a high probability of going to monthly resistance.
XPTUSD shows a daily and hourly motive wave. Note
Monthly: Another possible motive wave, the start of Wave 3, after three black crows a strong bullish candle has been created, engulfing the 2 previous candles, and at the moment filling almost 50% of first candle of three black crows.
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Follow the social network, free telegram link: t.me/afcapital21
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.