Platinum: Little Consolidation (Wave 4); Golden Ratio
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-.
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-.
Komentar
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
Komentar
Open interest is also rising together with the trend, meaning a long trend continuation
Komentar
Daily Elliot Wave: Wave 3, has a high probability of going to monthly resistance.
XPTUSD shows a daily and hourly motive wave. Komentar
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.
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