XPTUSD (PLATNIUM) Possible Head and Shoulders Reversal Pattern
Long Period Of Consolidation
Wait for a break of this current consolidation and enter at the Head which is at 910.00 or wait for the confirmation of the Right Shoulder
Patience , let's see what price does
. 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...
XPTUSD (Platinum) long entry TP 918usd. The analysis shows that platinum may turn north from its current level. This is because the D1ATR range seen in the white rectangle stopped at 50%. If you turn from this level (866usd), there may be a significant rise before moving. The D1ATR50% turning points always indicate a strong trend start.
XPTUSD before rising. The exchange rate analysis shows that 1: 1 fractal copying can begin. It can also be seen that the rise in both cases started from an accumulation fractal (red square). It can also be seen that the accumulation fractal increases the exchange rate with similar amplitude. From this, I infer that the next rising wave structure could be built....
HERE IS MY VIEWPOINT ON ON PLATINUM. PRICE IS CURRENTLY SAT IN A VERY WELL RESPECTED RESISTANCE ZONE ON DAILY/WEEKLY TIME FRAME SO I'D EXPECT SOME SORT OF PULLBACK FROM THIS ZONE TO THE PREVIOUS STRUCTURAL RESISTANCE WHICH WILL NOW BECOME SUPPORT AND THEN CONTINUE TANKING UPWARDS, ALTERNATIVELY IT WILL BREAK THROUGH THE CURRENT ZONE AND GO STRAIGHT UP TO TARGET...