Platinum Wave Analysis – 31 January, 2020

• Platinum under bearish pressure
• Likely to fall to 952.00

Platinum under bearish pressure after the earlier breakout of the support area lying between the round support level 1000.00, 38.2% Fibonacci correction of the earlier impulse wave 3 and the support trendline of the daily up channel from the start of December.

The breakout of this support area should accelerate the active impulse wave (c) of the ABC correction 4 from the middle of January.

Platinum is likely to fall further toward the next support level 952.00 (target price for the completion of the active corrective wave 4).