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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (100488)	7/14/2021 10:30:04 AM
From: Goose94	Read Replies (1) of 202704

Platinum: Be the Preferred Play Oct Platinum Similarly, this week’s resumed strength above 06-Jul’s initial counter-trend high at 1118 confirms a bullish divergence in daily momentum that defines 21-Jun’s ?1021.7? low as the prospective end to a 3-wave setback from 16-Feb’s ?1348.2 high. Left unaltered by a relapse below ?1021.7?, this 3-wave structure is considered a corrective/consolidative affair that warns of a resumption of the secular bull trend that preceded it. Commensurately larger-degree strength above 10-May’s ?1281.4? high remains required to CONFIRM this longer-term bullish count. But by virtue of this week’s continuation of the past three weeks’ ?uptrend, we can also define 30-Jun’s ?1049? low as the latest smaller-degree corrective low the market is now required to fail below to jeopardize the ?impulsive integrity of a bullish count that could have massive upside potential. What’s really compelling about the long-term bullish prospects in platinum are: ??Dec’20’s bullish divergence in MONTHLY momentum above Jan’20’s 1046 high that, in fact, broke the secular bear market from Mar 2008’s 2308 all-time high ?although the recovery from Mar’20’s 562 low has thus far stalled at the exact 61.8% retrace ?of that 12-year decline ??the market’s acknowledgement thus far of former 1035-area resistance from most of 2020 as new support shown in the weekly log chart below market sentiment/contrary opinion that has eroded to relatively neutral/indifferent levels as a result of this year’s setback that now won’t inhibit a resumed major bull move, and the fact that platinum remains at a sharp ($696) discount to gold after trading more than $1200 above gold back in 2008. Even if this gold-platinum spread returns to “even” with gold not budging at all, this would place platinum up around 1800. As discussed above however, we anticipate a resumption of the secular bull market in gold. Platinum is likely to go with it and could easily outperform gold per the gold-platinum spread chart below. These issues considered, a cautious bullish policy and exposure are advised in platinum as well with a failure below 1049 required to defer or threaten this call enough to warrant a move to the sidelines. In lieu of such weakness, further and possibly accelerated gains should not surprise. RJO Market Insights

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