Platinum looks to have finally rounded off its wave-top right where I forecasted, around $1350/zip on the spot market.
Given the extreme momentum of the breakout, it seemed reasonable to suspect a full ~62% gain above the fib box I had drawn, from a (controversial) range of $1050 to about $697, in a very contentious chop.
I draw these with more precision that I can defend when revisiting them weeks/months later, but when levels play nice, I don't adjust to pretty things up.
I suspect if the 1.618 on my fib box won't hold this weekly, one could assume the corrective wave takes us back all the way to the 1 at $1050, probably quickly.
As with modern technicals, temporary violation of pattern structure may even take place, dipping below that $1050 level. In that range, platinum becomes again one of the more compelling risk reward ratios across markets.
DYOR, NFA.
Given the extreme momentum of the breakout, it seemed reasonable to suspect a full ~62% gain above the fib box I had drawn, from a (controversial) range of $1050 to about $697, in a very contentious chop.
I draw these with more precision that I can defend when revisiting them weeks/months later, but when levels play nice, I don't adjust to pretty things up.
I suspect if the 1.618 on my fib box won't hold this weekly, one could assume the corrective wave takes us back all the way to the 1 at $1050, probably quickly.
As with modern technicals, temporary violation of pattern structure may even take place, dipping below that $1050 level. In that range, platinum becomes again one of the more compelling risk reward ratios across markets.
DYOR, NFA.
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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.