{"id":55652,"date":"2021-10-11T11:41:53","date_gmt":"2021-10-11T15:41:53","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=55652"},"modified":"2021-10-11T11:41:53","modified_gmt":"2021-10-11T15:41:53","slug":"platinum-and-palladium-update","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2021\/10\/platinum-and-palladium-update\/","title":{"rendered":"Platinum And Palladium Update"},"content":{"rendered":"

I put the platinum first as it has a clearer structure. The big map<\/a> has remained unchanged since 2019<\/a>; I put it down below to brush up. <\/p>\n

\"Platinum<\/a><\/p>\n

We are in leg 2 (black) with a completed AB part (next chart). I expected<\/a> the CD part<\/a> to start earlier. However, the bullish trigger was left untouched and the market collapsed further down. <\/p>\n

\"Platinum<\/a><\/p>\n

The third red leg down has hammered the platinum futures price below $1,000 handle to hit the valley in $893. It is amazing how symmetry works here, as all three legs are almost equal to each other. It is a good sign for the platinum as it suffered a lot. <\/p>\n

Another positive signal has come from the RSI. This powerful indicator has shown a Bullish Divergence as the lower valley of leg 3 down was not confirmed by the RSI, which had a higher reading. We already can see how this mismatch pushed both the price and the indicator to the upside as the Bullish Divergence plays out. The RSI crossed the crucial 50 level to the upside into a bullish area. This should support the price. <\/p>\n

The top of the joint between two minor legs down within the red leg 3 at $1,029 could be a bullish trigger as it eliminates the probability of the third minor leg down in the large leg 3. The price sits right there as we need to see the clear breakout. The invalidation level is located at the bottom of leg 3 at $893.<\/p>\n

The C point shifted lower, and so did the D target. If the price would travel the size of the AB part, then the target will hit $1,679. It could be a decent gain with an awesome risk\/reward ratio of 4.78.<\/p>\n

The orange target where leg 2 is equal to leg 1 is unchanged and located higher at $1,729. I built the purple uptrend through the A, B, and C points. The upside is aimed at the same area as the two above-mentioned targets, around $1,700. This coincidence fortifies the target area. <\/p>\n

The ultimate point that the emerging big structure could reach is the top of leg 1 at $1,919. Leg 2 should travel more than leg 1, then.<\/p>\n

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Do you think the platinum has bottomed?<\/strong><\/p>