The broad bearish outlook :
After five waves down as the micro degree wave 1, Platinum is likely to correct in three waves as wave 2 and ultimately test its Fibonacci 0.786 level at 1155.9.
Alt : Approach to near the level of 1164, would indicates the wave ii has still remained in progress.
Either way, after completing the second wave the decline in following third wave of the wave iii of (iii) will be resumed impulsively.
The broad bearish outlook :
Platinum fell down impulsively, likely in an initial movement of the anticipated third wave. After retrace up in micro degree wave 2, the decline in impulsive third waves will be resumed…
The broad outlook remains bearish against the 1164 – as the top of wave ii.
The bearish outlook :
Platinum has sharply fallen, likely in an initial movement of the anticipated third wave, after retracing to the Fibonacci 0.618 level at 1164.
The outlook is persistently bearish against the 1164 – as the top of wave ii. The immediate target is 1117.6, where is the start point of ending diagonal as the micro degree wave c of expanded flat wave ii.
Note : Based on these conceptual chart, suggests that the price will more likely continue to fall to new lows in the coming days…
The broad bearish outlook :
Platinum has retraced up through near the Fibonacci 0.618 level, likely in an expanded flat as the corrective wave ii. The following fall in impulsive wave iii to new lows is probably ahead…
The broad outlook remains bearish against the 1188.2 where is the start point of the bearish leading expanding diagonal as wave i.
Note : According to the Elliott Wave Principle, “A leading diagonal in the wave one position is typically followed by a deep retracement.”
The bullish outlook in short term :
Platinum has retraced up through the Fibonacci 0.5 level, in impulsive micro degree wave A of the corrective wave ii. The following wave B down and wave C up of the same degree are probably ahead in the coming days.
The broader outlook remains bearish against the 1188.2, where is start point of the bearish leading expanding diagonal as wave i.
The broad bearish outlook :
Platinum appears to have completed the five overlapping waves in a leading expanding diagonal as wave i. Ideally price should rise from current levels towards the range of 0.5-0.618 retracement levels, which is equivalent to 1157-1164. However, falling through the recent low at 1126.4 would suggest the anticipated correction is failing and the trend remains down.
Note : A retrace to the Fibonacci 0.382 retracement level at 1150, could raise confidence on accuracy of the overall bearish pattern.
The bearish outlook :
Platinum fell sharply in the expected impulsive wave iii, after retrace to near the Fibonacci 0.786 level of the leading diagonal wave i. The broad outlook is bearish against the 1174.3.
Fibonacci targeting :
The immediate target for the current decline is 1138.4. The broader target is through 1099.6, where ongoing wave iii equals 1.618 times the length of wave i – a common wave relationship.
According to the broader bearish outlook :
After retracing near the Fibonacci 0.786 of the leading diagonal wave i at 1175.6, Platinum has begun to fall likely in impulsive third wave of the subminuette degree.
Note : In accordance with Elliott Wave Principle, “A leading diagonal in the wave one position is typically followed by a deep retracement.”
For now, an expected target is 1099.6, where wave iii = 1.618 times the length of wave i – a common wave relationship.
The near-term bullish outlook :
Platinum may have completed the bearish leading diagonal wave i, and now is retracing in three waves as wave ii.
As the ultimate target, it is expected the corrective wave ii achieves the Fibonacci 0.618 retracement level at 1170.2. And also, the correction will take until end of the week, for achieving the Fibonacci 0.5 time ratio.
Alt : As a bearish alternative in short-term, the leading diagonal wave i may still be underway. The estimated target for extreme of the wave i is through 1110.7 – that is equivalent to the preceding diagonal wave i.
The broader bearish outlook :
Platinum appears to have fallen in a leading diagonal first wave of the subminuette degree. For now in near term, a rebound in three waves as the wave ii is probably ahead…
Elliott Chart 