The Platinum market is in an uptrend. Prices are making higher highs and higher lows on both the daily and weekly continuation charts. In addition, both charts shows prices above their respective 50 DMA and 50 WMA. Therefore, the current market condition is to buy dips.
However, price action is starting to show early signs of a correction based on the rally that started from the 11/12/19 swing low:
*dominant ABCD pattern with a medium deep retracement followed by a supporting abcd pattern with another medium deep retracement signals a weak uptrend (bearish)
*price action currently trading inside low end of my proprietary Fib resistance zone (bearish)
*COT report shows large traders are holding record long positions (bearish)
*seasonal bias shows prices typically fall mid-February to late March (bearish)
I will continue to monitor this market and provide updates when warranted.