SELL Platinum = /PLPlatinum has been bullish since September the 6th. Right now this underline is retesting a level of resistant. My bias is that this underline will be bearish for the rest of the year.
XPTUSD1! trade ideas
Platinum Futures ( PL1!), H4 Potential for Bullish MomentumType: Bullish Momentum
Resistance: 975.5
Pivot: 939.4
Support: 914.0
Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud and ascending channel , which indicate a bullish market. The price may rise from the pivot at 939.4, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 975.5, where the swing highs are.
Alternative scenario: Price may drop to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are.
Fundamentals: There are no major news.
Platinum Futures ( PL1!), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 975.5
Pivot: 939.4
Support: 914.0
Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud and ascending channel, which indicate a bullish market. The price may rise from the pivot at 939.4, which is in line with the 38.2% fibonacci retracement to the 1st resistance at 975.5, where the swing highs are.
Alternative scenario: Price may drop to the 1st support at 914.0, where the swing low and 61.8% fibonacci retracement are.
Fundamentals: There are no major news.
Platinum (PL): Wave Analysis 1917-2022●● Preferred count
● Platinum Cash (PL.C), 🕐TF: 20D
Fif.1
The counting of long-term waves only confirmed the priority of the scenario defined in the previous review, in the context of which the supercycly wave (V) unfolds the ending diagonal . This hypothesis assumes the continuation of price growth within wave III , which will take the form of a zigzag, exceeding the maximum of wave I .
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● Platinum Futures (NYMEX) , 🕐TF: 1D
Fif.2
The wave Ⓐ in the composition of III of (V) must also take the form of a diagonal . At least, the double zigzag that formed from the top of wave II can be interpreted in a general context as the first wave in its composition.
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● Platinum Futures (NYMEX) , 🕐TF: 8h
Fif.3
According to the structure, the second wave of intermediate degree can be identified as a double zigzag W-X-Y with a combination in X . Moreover, wave (2) reached a level that created several Fibonacci ratios: wave Y = 61.8% W , while (2) = 61.8% (1) . Quite powerful the argument in favor of the fact that the downward correction is over. The breakdown of the 0-X line will serve as an additional signal in favor of this assumption.
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●● Alternative count
● Platinum Futures (NYMEX) , 🕐TF: 8h
Fif.4
The alternative markup tells us that the correction within wave (2) will continue. A series of overlapping zigzags in a downtrend can be identified as the leading diagonal in wave A . If this interpretation turns out to be correct, then after correction in wave B , the minimum of 797.5 formed by wave A will be rearranged within the impulse C .
📚 Elliott Wave Guide & Ellott Wave Archive ⬇️⬇️
XPTUSD (Platinum) Double Top Platinum break supporting trend line.
Now strong support level 873.00
after break 873.00 level double top formation complete.
next target
840
810
795
770....
Platinum Pushes Higher From Oversold TerritoryPlatinum has been very volatile since the lows from back in Mid-July. We saw a great run to the upside off some oversold levels near 806, and the market tapped out right at the 200-day MA and turned to the downside with some dollar strength. The market since has re-tested and briefly broke below the 806 lows, again in very oversold territory, and has made another run to the upside. There was some news about a tight supply which gave us strength, and the bulls will look to break above the 21-day moving average and then re-take the .328 retracement level at 889 for sustained higher price action.
Platinum FUTURES (PL1!), H4 Potential for Bearish DropType : Bearish Drop
Resistance : 883.8
Pivot: 858.9
Support : 833.2
Preferred Case: On the H4, with price going within the descending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 858.9 where the overlap support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 833.2 where the swing low is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 883.8 where the overlap resistance, 23.6% fibonacci retracement are
Fundamentals: China recently announced the YoY industrial activity figures for July, falling to 3.8% from 3.9% in June, which is quite disappointing. Specifically related to mining, industrial activity in China dropped from 8.7% in June to 8.1% in July, which further dampened platinum prices.
Platinum FUTURES (PL1!), H4 Potential for Bearish DropType : Bearish Drop
Resistance : 883.8
Pivot: 858.9
Support : 833.2
Preferred Case: On the H4, with price going within the descending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 858.9 where the overlap support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 833.2 where the swing low is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 883.8 where the overlap resistance, 23.6% fibonacci retracement are
Fundamentals: China recently announced the YoY industrial activity figures for July, falling to 3.8% from 3.9% in June, which is quite disappointing. Specifically related to mining, industrial activity in China dropped from 8.7% in June to 8.1% in July, which further dampened platinum prices.
Platinum Down On Dollar Strength The Platinum market rebounded nicely off the inverse head and shoulders pattern from the lows on July 14th, climbing through resistance and getting stuck right at the 200-day moving average. The market was near overbought levels, and the recent strength in the dollar has pushed Platinum back to old resistance, which will now act as a support pocket. If there is continued strength in the dollar and little bullish economic data, the market could break below this pocket and towards the mid-July lows. If the dollar pulls back and the economy seems to be gaining strength, it could be a catalyst to the upside inviting more buyers.
Platinum Responding Platinum is responding to technicals and fundamentals. The recent pullback is holding constructively out above several converging support indicators. Fundamentally, Plantinum is finding a bid after Industrial Production topped expectations +0.6% MoM v +0.3% exp. The strongest component was Motor Vehicles and Parts +6.6% MoM. Relief from semiconductor supply chain stress is a major driver here.
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 891.7
Pivot: 870.5
Support : 850.3
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 870.5 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 891.7 where the swing high resistance, 100% fibonacci projection and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price could drop to the 1st support at 850.3 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals: Due to the increased strength of DXY , we have a bearish view on precious metals like platinum . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 891.7
Pivot: 870.5
Support : 850.3
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 870.5 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 891.7 where the swing high resistance, 100% fibonacci projection and 161.8% fibonacci extension.
Alternative scenario: Alternatively, price could drop to the 1st support at 850.3 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection.
Fundamentals: Due to the increased strength of DXY, we have a bearish view on precious metals like platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Triple topGet ready for a nice short on this. Triple tops are usually highly accurate and on these higher time frames it is golden on a medium downtrend.
Every rally starts with a short coverPlatinum has been trending lower for more than four months, the March peak, and is finally showing signs of a potential bottom. Yesterday's whipsaw helped complete the right shoulder of an inverse head and shoulders pattern. Upon doing that, it also back-tested the trend line from its June peak, holding it as support perfectly. The large range consolidation over the last three days created a flag-like pattern, brining a coiling of strength to help pierce through the 21-day moving average this morning. The cherry on top is that Managed Money, hedge funds, have been net-short Platinum. This tells us that upon strength there will be short-covering. Not only in Platinum but SIlver and Gold too. In fact, Managed Money went net-short Gold as of last Tuesday for only the second instance in history. The first was at the exact 2015 low and the second was in the later innings of the 2018 sell-off. Managed Money going net-short metals is a contra indicator.
PL1! (SELL) Bearish trend + bearish moving average + breakout of the resistance which rejected several times.
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 871.0
Pivot: 832.1
Support : 806.9
Preferred Case: On the H4, with RSI moving along an ascending trendline and price breaking out of a descending channel , we have a bullish bias that price will rise from the pivot at 832.1 where the pullback support and 61.8% fibonacci retracement are to the 1st resistance at 871.0 in line with swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 806.9 in line with the swing low support and 78.6% fibonacci projection .
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 871.0
Pivot: 832.1
Support : 806.9
Preferred Case: On the H4, with RSI moving along an ascending trendline and price breaking out of a descending channel, we have a bullish bias that price will rise from the pivot at 832.1 where the pullback support and 61.8% fibonacci retracement are to the 1st resistance at 871.0 in line with swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 806.9 in line with the swing low support and 78.6% fibonacci projection.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
Stocks Chew Through Resistance and moreS&P, NQ, and equity indices chewed through resistance today. U.S. Dollar weakness is underpinning strength across risk assets. Crude is at an inflection point. Let's dive in.
PLATINUM FUTURES (PL1!), H4 Potential for Bearish DropType : Bearish Momentum
Resistance : 892.1
Pivot: 855.8
Support : 806.6
Preferred Case: On the H4, with price moving along a descending trendline and expected to reverse off the ichimoku cloud and the stochastic resistance, we have a bearish bias that price will drop from the pivot at 855.8 where the overlap resistance is to 1st support at 806.6 in line with swing low support and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 892.1 where the swing high resistance, 61.8% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
PLATINUM FUTURES (PL1!), H4 Potential for Bearish DropType : Bearish Momentum
Resistance : 892.1
Pivot: 855.8
Support : 806.6
Preferred Case: On the H4, with price moving along a descending trendline and expected to reverse off the ichimoku cloud and the stochastic resistance, we have a bearish bias that price will drop from the pivot at 855.8 where the overlap resistance is to 1st support at 806.6 in line with swing low support and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 892.1 where the swing high resistance, 61.8% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
