Platinum (Update 2)

Platinum has continued its sell-off since my January 28th post. The question now becomes how much lower can it go?

Watch the 945.60 to 921.70 range.  This area is a subsection of my proprietary Fib support zone.  I have narrowed this larger zone based on the 4 measured moves made on its 240M chart.  The primary and secondary ABCD patterns both have deep retracements, which signals a weak down trend.  The decreasing nature of the time ranges (16 to 23 to 9 to 7 to 7) signals momentum is starting to wane.  We typically see moves bottom out as these time ranges shrink.  The deepness of the two primary ABCD patterns also indicates we could see a healthy pop once a low is made.

Conclusion:
I anticipate a move lower into this support zone followed by some sideways action.  I would then expect a rally to test the recent highs.  Whether or not this re-test will fail or not is anyone's guess.

Chart_20-01-31_11-36-01

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