In yesterday’s Silver Technical Blog we discussed that market’s recovery above the past couple weeks’ 23.345-to-23.44-area resistance that resurrected a broader base/correction/reversal count from mid-Dec’s low ahead of what could be protracted gains ahead. This morning’s platinum poke above 05-Jan’s 1004.8 high confirms an identical count and confirms a larger-degree correction and possibly a major reversal higher. The important by-product of this resumed strength is the market’s definition of new smaller- and larger-degree corrective lows at 959.6 and 919.5 detailed in the 240-min chart below from which traders can objectively rebase and manage the risk of a bullish policy and exposure.
The daily log chart above shows today’s resumption of the larger-degree base/correction/reversal behavior that dates back to 15-Dec’s 886.0 low. On the heels of what could be a complete and major 5-wave Elliott sequence down from 16Feb21’s 1348 high shown in the weekly log chart below, the upside potential for even a correction, let alone a reversal could be extensive and span months. These issues considered, a bullish policy and exposure remain advised with a failure below 959.6 required for shorter-term traders to stand aside and for longer-term commercial players to pare exposure to more conservative levels. In lieu of such weakness, further and possibly protracted gains straight away are expected.