Platinum

A bearish explanation on this frame of Platinum’s daily chart  :

After completing an “A-Triangle B-C” formation as the last wave of the converging triangle wave B at terminus point of 1523.8 , Platinum slide down in an impulsive five-waves sequence, which could be only an initial subsequent of wave C decline. Also, the first wave was corrected in a flat formation as a second wave of the current sequence-down.

Currently, the leading diagonal wave (i), as a initial bearish concept, could infer to extend of an impulsive third wave of the ongoing wave C down.

Fibonacci targeting :

An expected target for the ongoing wave (iii), could be around the 999.4 where establishes a ratio of 1.618 with the wave (i), as a common relationship between third and first waves.

Platinum - Daily

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s