Elliott Wave 5.0 "Reboot"

Tuesday, March 15, 2016

Platinum Intraday Bull Market Review



From the bottom in January the 20th Platinum charged up with a real novel pattern I haven't seen in years, it's called an impulse. :) With such a long bear market it is like a fresh wind in the spring that we can now work an impulse pattern, or let's hope it's an impulse pattern. I have to do another big picture review, but that does not stop from building the impulse as we go along. 

One thing I don't like about this pattern is that I seemed to have two zigzag's in a row. One is simple and one is more complex, but they both look like 5-3-5 patterns.  For now I will let it go as they do alternate in complexity.   If we are presently correcting then we could still see downside to go, but after then another leg up should happen.

Platinum is more related to oil as it is used in refining crude oil so we may end up getting roughly the same pattern.   I posted this because of the nice pattern more than anything else as impulse waves also points to the way of the trend.