Elliott Wave Training

Are you looking to learn the Elliott Wave principle? Or maybe you already have some experience and want to find the ways to improve your skills better.

Click on this post for details:

http://wavepatterntraders.blogspot.com/2012/04/elliott-wave-training.html



Showing posts with label PL. Show all posts
Showing posts with label PL. Show all posts

Saturday, March 9, 2013

Elliott Wave Analysis of Platinum (PL)

Scanning some charts this weekend i came across this chart and it really struck out



Its a great looking text book 5 wave move,  it has some great fibbo relationships and a good example for any budding Elliott Wave enthusiasts to follow

What is even better is that to some that have access to this market (sadly i dont but i do have Oil and Copper i can trade), there is a great setup

We have a clear 5 wave decline, and i suspect that any 3 wave bounce will be a setup to sell at a later stage in a week or so

Short term it might be a small triangle, although being in a suspected [b] wave, it can and will likely have to be adjusted as [b] waves can take many forms, but the idea is simple

A 5 wave decline from the 6th Feb 2013 highs and now correcting that decline to around the previous 4th waves around $1620-1640 area but in a 3 wave correction.

Once you can isolate a 3 wave move and target where is likely to end then traders can start to look at the sell side for a reversal lower

When you overlay Oil and Copper you can see that from the Feb 2013 highs all 3 markets have decline in unison, so all 3 markets are technically likely to follow each other.

Oil is a bit ahead of Copper, and Platinum is on par with Oil, so over the next week or so the idea is for a push higher before a resumption lower