Platinum appears to be correcting the five-waves sequence down, in a three waves correction up as wave (ii). Currently, the leading diagonal wave a is likely correcting in a three waves as the wave b.
Note : The leading diagonal wave a, as an initial bullish concept, would infer that an extended wave c up will likely be ahead…
Fibonacci targeting :
The Fibonacci 0.786 retracment level at 1103.4, could be considered as an adequate target for the ongoing wave b.
The ultimate target as extreme point of the corrective sequence as the wave (ii), could be around the Fibonacci 0.618 retracement level at 1212.5. Also the overall wave (ii) will likely last until mid April, when is the Fibonacci 0.5 time ratio.