Platinum's powerful ascent is now forming a key Elliott Wave pattern.
Platinum is experiencing a strong rally due to a powerful combination of tight supply, surging demand, and shifting investor sentiment. However, notice that it's breaking out of a weekly wave B bullish triangle pattern, which indicates a penultimate move into wave C, so from Elliott's wave perspective, the upside can be limited to around the 1500 – 1700 area.
On a daily chart, we see a five-wave bullish impulse unfolding within wave C. After the current pullback in wave 4, which can potentially revisit the 1200 support area, we can expect further gains within the final wave 5 of C, targeting the 1500 area.
Grega