PLATINUM BIG BULLISH POTENTIAL FOR A 300$ RISE!
As usual the chart tells the story.
In 2016 we had a 5 wave impulsive move higher from a multiyear low @ 810$. Signalling that this low is important and solid for now.
Since august platin prices have been in a 5 wave downmove the lows of wave 5 touched 890$.
It then took the market 2 months to form a decent bottom around the 900$ handle.
Now in the recent days market made an impulsive move higher towards the 1000$ mark. This impuls is for me a signal to look for longs. I am personally waiting for a good correction of this recent move towards 920$/930$ and i will look at lower timeframes for a good entry spot.
What also speaks in the favor of this idea, are seasonal developments, historically seen, platinum has the best price development from january till the end of april, so this might be the timeframe needed for this idea to play out.
Targets can be defined quite easily there are two major falling trendlines on the weekly and monthly charts. The first one is around 1100$ and the second one around 1250$. My trading style personally says to trail a position as long as it looks good to me and to take off partial profits along the way on important resistance zones.
This idea has a potential Risk:Reward of 1:5 and 1:10. Keep an eye on this potential AB=CD formation that might be playing out along the way.
Please use proper risk management, and dont risk too much of your capital on one single trade.
Best of luck.
In 2016 we had a 5 wave impulsive move higher from a multiyear low @ 810$. Signalling that this low is important and solid for now.
Since august platin prices have been in a 5 wave downmove the lows of wave 5 touched 890$.
It then took the market 2 months to form a decent bottom around the 900$ handle.
Now in the recent days market made an impulsive move higher towards the 1000$ mark. This impuls is for me a signal to look for longs. I am personally waiting for a good correction of this recent move towards 920$/930$ and i will look at lower timeframes for a good entry spot.
What also speaks in the favor of this idea, are seasonal developments, historically seen, platinum has the best price development from january till the end of april, so this might be the timeframe needed for this idea to play out.
Targets can be defined quite easily there are two major falling trendlines on the weekly and monthly charts. The first one is around 1100$ and the second one around 1250$. My trading style personally says to trail a position as long as it looks good to me and to take off partial profits along the way on important resistance zones.
This idea has a potential Risk:Reward of 1:5 and 1:10. Keep an eye on this potential AB=CD formation that might be playing out along the way.
Please use proper risk management, and dont risk too much of your capital on one single trade.
Best of luck.
