Platinum: Little Consolidation (Wave 4); Golden Ratio

2024年9月26日

We can see a very well defined cycle, and wave 1 to 3 already created.

This new cycle could be a consolidation, the price can drop to 14,6% or 23,6% level.

Or even in the middle between 38,2% and 23,6%, where other wicks has already touched, creating a support, where can also occur the last candle of Wave 4.


Open interest in PL1! is falling and the major trend rising, it can occur a reverse, and this reverse will be the Wave 4.

RSI left the Overbought level, followed by a failure swing, resulting in continued decline of the indicator.

After the peak $1,016.45, ADX is losing strength while DMI+ has a high probability of changing position with DMI-.

2024年9月27日

註釋

Wave 4 created, as expected, the price reach the three levels, and the middle of 38,2% 23,6% was where we got demand.

So right now is time for Wave 5. DMI+ is already above DMI-. ADX didn't cross any DMI, what can mean the initial strength of long direction.

RSI > 50

2024年9月27日

註釋

Open interest is also rising together with the trend, meaning a long trend continuation

2024年9月27日

註釋

Daily Elliot Wave: Wave 3, has a high probability of going to monthly resistance.

XPTUSD shows a daily and hourly motive wave.

2024年9月27日

註釋

Monthly: Another possible motive wave, the start of Wave 3, after three black crows a strong bullish candle has been created, engulfing the 2 previous candles, and at the moment filling almost 50% of first candle of three black crows.