Trend Reversal :
As shown on the daily chart, the January extreme at 811.4 remains intact, as a significant low. Hence, Platinum should have concluded its Medium-term bear trend.
Unfolding a five-wave sequence of Minute degree against the downtrend, will confirm the Medium term trend-change.
There is no change on the Platinum’s bullish-count. After registering the January 21 low at 811.4, Platinum could have ended its Medium-term bear trend.
Hence, the January low should be respected as an important extreme.
After recording the January 21 low at 811.4, Platinum could have also terminated the Medium-term bear trend.
Hence, the recent low should be respected now as an important extreme.
Searching for a significant extreme :
The sideways overlapping waves (in a triangle), would indicate an ultimate decline below 824.
The Minuette-degree wave (v) extreme will be a significant low, which will soon terminate the Platinum’s bear trend in medium term.
The medium-term bear trend in its very late stages :
Platinum is searching for an extreme low on the current levels, which is very close to the target at 824.
The ultimate target is in place around 824, where Minuette-degree first and fifth waves are equal.
As defined by the labels on the daily chart below, Platinum remains in late stages of extending Minute-degree wave c (circle) of the decline in Minor-degree wave Y.
The ultimate target would be around 824, where Minuette-degree first and fifth waves are equal.
The bearish outlook :
After developing a leading diagonal as wave i then its correction in wave ii, Platinum may have started its way down in impulsive wave iii of (iii) of the minute degree wave c.
The outlook remains bearish now against the 1164, towards the new lows.
The close target is 1064, where wave iii equals 1.618 times the length of diagonal wave i. The next target is 1002, where wave iii equals 2.618 times the length of wave i. The broader target is 984.6, as extreme point of the ongoing wave (iii).
The broad bearish outlook :
After completing a leading expanding diagonal as wave i, Platinum is likely retracing up in corrective wave (ii). The following impulsive third wave down of the same degree is probably ahead.
The broad outlook remains bearish against the 1188.2, towards the level of 984.6.
According to the bearish outlook :
Platinum has corrected 50 percent of the wave (i) in three waves up as wave (ii). Currently, decline of the following wave (iii) of c (circled) could be started.
Platinum appears to have corrected the decline of wave (i) in three waves up as wave (ii). And now, the following wave (iii) down is probably ahead.
Elliott Chart 