Platinum looking to extend higher

Platinum (PL) is still looking to resume the next bullish cycle. The metal still needs to break above 1348.2 to confirm that the next leg higher has started. Below we updated the Monthly and Daily Elliott Wave chart for the metal.

Platinum (PL) monthly Elliott Wave chart

Monthly chart of Platinum above shows Grand Cycle wave ((II)) correction ended at 562. The metal has turned higher in wave ((III)) with subdivision as a nesting impulse. Up from wave ((II)), Wave (I) of ((III)) ended at 1348.2. Pullback in wave (II) of ((III)) ended at 802.1 and the metal has traded sideways since then. Up from wave (II), wave ((1)) ended at at 1148.9. Pullback in wave ((2)) completed at 843.1. While dips stay above 843.1, the metal can see further upside.

Platinum (PL) daily Elliott Wave chart

Daily chart of Platinum above shows that pullback in wave (II) ended at 802.1. Up from there, wave ((1)) ended at 1148.9 and pullback in wave ((2)) ended at 843.1. The metal then nested higher with wave (1) ended at 1016 and wave (2) ended at 870.1. Up from there, wave 1 ended at 1105 and dips in wave 2 ended at 945.7. Near term while above 802.1, expect the metal to extend higher.

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