Platinum Analysis: Evaluating the Double Three Correction Amid Long-Term Bullish Momentum

Platinum (PL) reached new record highs in late January, signaling a potential shift toward a long-term secular bull market. The following analysis examines the metal’s extended outlook through the lens of the evolving Elliott Wave framework driving this advance.

Platinum (PL) Monthly Elliott Wave Chart

The monthly chart shows a decisive breakout into record territory, confirming the strength of a long-term bullish trend that has been developing for decades. The rally spanning from January 1992 to the March 2008 peak established wave ((I)) at 2308.8, which was followed by a sharp zigzag correction down to 557, completing wave ((II)). From this base, Platinum resumed its ascent and has since pushed to new highs with a clear impulsive profile.

Following the wave ((II)) low, wave (I) topped at 1348.2, with the subsequent wave (II) retracement finding support at 796.8. The ensuing advance in wave (III) developed as a five-wave sequence of a lesser degree; within this structure, wave ((1)) peaked at 1148.9, and the corrective wave ((2)) bottomed at 843.1. With wave ((3)) proposed as complete at 2925, current price action indicates a wave ((4)) pullback that may extend further before the primary uptrend continues.

Platinum (PL) Daily Elliott Wave Chart

On the daily timeframe, the rise to 2925 is identified as the completion of wave ((3)). The market has since reversed, and wave ((4)) is currently unfolding. There is still potential for further decline toward the 1072–1334 zone, which aligns with the 100%–161.8% Fibonacci extension of wave (W). The primary expectation remains that the market will seek this lower target.

An alternative scenario suggests a possible truncation, which would limit further weakness. This view would gain validity only if Platinum decisively breaks above the bearish trend line extending from the wave ((3)) peak, indicating that the correction has concluded and the next bullish leg has begun.

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