Elliott Wave patterns can be found on all degrees of trend, from the largest to the smallest. Platinum is giving us a great example of the latter on its 15-minute chart. It shows the classic 5-3 wave cycle. An impulsive five to the upside is followed by a corrective decline in three waves. Note that the a-b-c zig-zag retracement appears to be over slightly above the 61.8% Fibonacci level.
If this count is the correct one, the price of platinum should be expected to rise. The invalidation level is at 1087.50. As long as this level stays untouched, we will be looking forward to a new high above the top of wave 5 at 1118.70.
