Platinum/ Japanese Yen updateAnyone that is in this buy, you might want to consider letting some run to the 50-62% area. It will definitely face some resistance at the 38% fib/ low (ray line) area, but considering how it looks, it may correct and continue upward. The daily is showing to be overextended, but the weekly looks like it may trend up more. All the platinum charts were showing confluence in pattern and price action.
XPTJPY trade ideas
XPTJPY updateThat was a killer trade entry with huge potential upside. The 23 and 38% yellow fib levels will be key levels for price to break because if it breaks the 38%, then we should have at least a large 3 wave "X" correction (50-62%), potentially more in the long term. But watch for corrections off the 23 and 38% levels for possible buy entries.
Platinum-Japanese Yen XPTJPYXPTJPY broke fork and channel line of what looks to be an exhausting (shortening) wave pattern. I have posted a few different Platinum charts. I wish I would have caught that right off the 1.618 (would have had I been watching. The Weekly TDI is way bottomed out with shark fin. I would be looking to retest the level at low marked by ray line, but this is a point in a pattern where you can get a much deeper pullback, see 50-62% Fib retrace levels.