As can be seen a downward pointing wedge has been formed from 12 years of price action. In the last month the platinum price has broken out. Large patterns usually have large movements, when they're broken and I expect the price to march higher.
. There is a possibility of temporary retracement to suggested support line (797.31). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. Platinum/ USDollar is in a range bound and the beginning of uptrend is expected.
. The ascending flag taking shape suggests we will soon see...
Likely to see a consolidation next to this bottom reversal pattern as shown on the the Daily chart on the left.
on the right we see the 4hour chart where the price moves inside a descending channel giving a bullish divergence on the MACD , touching a buy zone of good support that has a bottom on 950 .
The analysis predicts a 2% downward spike movement. However, I am already waiting for the exchange rate. The white dashed line is the ATR axis of wave movements. Which have functioned as resistance axes so far. I look forward to this now. Target price increase is 915 usd.
Platinum to Palladium ratio at historical low inside a descending terminal wedge. Key signal that higher Platinum and lower Palladium prices are due in the next phase of the move.
Long Platinum and Short Palladium here.