One of our GUNNER24 Traders wondered and asked me to investigate whether platinum will ultimately be the Buddy who will free gold, silver and the related PM Mining Stocks from their months-long corrective cycles and then lead them to higher bull market highs in further course of 2021.
A quick interim conclusion is that this can very well be the case. We definitely need to keep a very close eye on the platinum in order to better assess the further development of gold and silver.
I`ve also found the trigger mark on platinum, which in my opinion signals that the end of the entire Precious Metals market correction cycle is near or has been completed.
It`s the round and MAJOR FUTURE IMPORTANT 1200$ for platinum, but it certainly represents a powerful future hurdle that is unlikely to be overcome finally or decisively in the current first run-up and big backtest. Well, it`s never always easy, right?
There are so many interesting things to say and important things to know about this new multi-yearslong platinum bull market that I want to divide up all the knowledge I have gained in order to cushion the flood of information. Therefore, the same weekly chart-section with the same GUNNER24 Main Setup will now be presented twice in a row. I will then analyze differently important peculiarities in each case:
At the # 1 // 562$ // March 2020 Low, the ENTIRE secular platinum futures (PL #) bear market that began at 2303.80$ in March 2008 ended with a probability of 99%!!!
We can thus be firmly convinced that a completely new and normally many years lasting bull market cycle began at the March 2020 Low, because:
A) The March 2008 to March 2020 bear market leg spans 145 month candles what is 145 - 1 = 144 Fibonacci number. A such impressive low here at the 562$, influenced exactly by such an important, because sooooo high Fibonacci number, can`t be a coincidence.
B) With the March 2020 at a 562$ and with the platinum opening the gone year 2020 at a 972$ and closing the year 2020 at a 1079.2$, one of the deepest = most powerful = usually very sustainable YEARLY SPIKE LOW`s is hammered - for any market and any time.
C) Such a rare, very extraordinary YEARLY SPIKE LOW exacty at the start of a new DECADE firstly implies that the 2020-2029 DECADE time window should be mostly backed by bullish forces and secondly the 2020-2029 DECADE likely has found its FINAL bear EXTREME towards the very beginning of the 2020-2029 time span.
==> Because of the extreme # 1 // 562$ // March 2020 Low bear exhaustion, a new bull market cycle should now be on the way, lasting at least 2 full years, but more likely it will be a 3 year bull run, maybe it will run for 4 to 5 full years before a very first big -30%/-40% correction sets in.
Ok, this was the very big picture on platinum. Now lets focus to the weekly developments above and the at the # 1 // 562$ // March 2020 Low, starting point of the new bull market, anchorable weekly 21 Candle GUNNER24 Main Up setup.
This is very textbook setup cause it measures exactly 21 Fib numbers to the upside, followed by a 8 Fib number candles long corrective move into a final correction extreme, followed by some sideways trend and the hit = very first test of the 2*1 Bull Market Angle at low of # 34, the next due Fib number in the underway bull market sequence.
The clue that the # 34-low exactly found 2*1 Bull Market Main Support Angle and this very first test of now confirmed yearly 2*1 Gann Angle support triggered another heavy rally leg into higher highs is a next big, big confirmation that a new yearslong bull market cycle is underway!
==> the # 34-low arriving exactly at yearly 2*1 Bull Market Main Support Angle is first important higher low of the bull. It triggered another weekly and monthly upcycle which was able to overcome the Blue Arc & and the first square line towards the end of 2020. This is buy signal on weekly and monthly and yearly base, what has activated the obvious & necessary test of lower line of 1st double arc in trend direction!
Please watch that the so far 2021 Low nearly exaxctly tested the Blue Arc from above and at same time is a backtest of the first square line on week low base. The so far 2021 Low is again a SPIKE LOW, likely triggered by future major important Blue Arc & first square line support magnet. After the 2021 SPIKE LOW this week candle made fresh +4 year highs at 1163.4$.
==> It looks that the 2021 SPIKE LOW is another higher important bull market low and that the final processing of the activated lower line of 1st GUNNER24 Up Target at 1200$ surroundings is only a question of when!
The likely "must have" 1200$ for this platinum upcycle is truly one of the most attractive resistance uptarget magnets, I have ever had the pleasure of identifying:
See above the two very important backtest resistance rails on yearly base that will soon marry with the lower line of 1st double arc together with the 2020 Low Main Resistance Angle and the round 1200$ W.D. Gann number upmagnet (backtest resistance)...
1. Perhaps most attractive nearest most important backtest rail is the 1199.5$ horizontal resistance which springs from the very important year 2016 secular bear market countertrend high.
2. Then there is the rising YEARLY backtest rail defined by the final high of 2019 and the very important early-2020 pre-corona countertrend high.
For the future they come together at 3. round 1200$ Gann number upmagnet resistance and unite 4. with lower line of 1st and 5. 2020 Low Main Resistance Angle ...
... what for sure is well-confirmed and strong PL # week high resistance. For this check the small red arrows where price found resistance.
PL # uptrend for some weeks is attracted by this rising 2020 Low Main Resistance Angle, its current rise is oriented to the rising 2020 Low Main Resistance Angle, but the price is not allowed to deliver a week close above the 2020 Low Main Resistance Angle so far. The 2020 Low Main Resistance Angle is nearest strongest weekly resistance!
==> Entire 2021 struggles in overcoming the 2020 Low Main Resistance Angle so far! The highs of the week, this year high, again obviously were braked by the 2020 Low Main Resistance Angle bear energy! What is obvious shortterm bullish exhaustion and this points to a daily downcyle next, what maybe will be triggered and/or fueled by usually Precious Metals very unfriendly Wednesday FOMC time event, and usually has to re-test 1070$ down to a 1035$ or so.
I see the/a 1070$ to 1030$ pullback, as the ideal springboard for the 1200$ 7-fold upmagnet resistance that usually has to be worked off at the end of February 2021!
For this arrival we place another valid weekly PL # GUNNER24 Up Setup at the final # 28-correction low, what finally is cemented at the end of a classic 8 Fib number weekslong corrective cycle and what triggered a 7 week Candle intial up impulse:
The weekly 7 Candle up reveals that the price in course of 2021 is not able and not allowed to overcome the natural resistance of the 3rd double arc environment. Price is allowed to dent the forecasted 3rd double arc resistance area, but there is no single close above the lower line of 3rd natural uptarget resistance.
This is another hint for that the price needs one more daily downswing before an uptrend continuation into the 1200$-1208$ 7-fold combined price/time resistance upmagnet is likely to begin. The setup reveals that the next due important time line (ITL) can be located for the trading week February 22 to 26.
This due 6. end of February 2021 time magnet together with 7. lower line of 4th uptarget and all the others with 1. to 5. elaborated guidelines suggest that the 1200$-1208$ likely must be achieved, precisely at the end of February 2021 because there and then a 7-fold big, big combined yearly price/time resistance upmagnet forms.
With the above identification we know that the 1200$ to 1208$ is a future ideal and MAJOR uptarget for the platinum bull market. It is the very first important backtest magnet on yearly base, what likely is due for the end of February time window, where and when PL # could print important 1-year-cycle highs (1 year = 12/13 month candles of uptrend).
Since the 1200$-1208$ then forms an unusual, rare 7-fold GUNNER24 Resistance Magnet on yearly base, it would be completely normal that the very first backtest of the 7-fold 1200$ to 1208$/end of February magnet fails badly and it has to re-test the 1100$-1050$ at 3rd double arc & 2*1 Angle support magnet towards May 2021 or so before the bull could resume and normally has to print higher year highs in course of the second half of 2021. This is the above highlighted dark-red dotted, phat dark-green dotted arrow path outcome.
However, and with this I want to answer the question at the beginning again, a new bull market that is in its early stages mostly provides „quite surprising" solutions and resolutions. That`s why we shouldn`t be too surprised if the 1200$ to 1208$ MAJOR 2021 resistance nest wants to be overcome quite quickly and easily. Maybe because it is no longer allowed to play an important role for this PL # bull.
GUNNER24 recommends, if PL # delivers a monthly close above the 1200$ until June 2021, further enormous bull forces should be triggered and the metal should then be able to rally quickly into next higher bull market upmagnet of importance, what is the 1500$.
==> I think, when platinum prints a first month close above the MAJOR important yearly 1200$ resistance magnet the end of the entire Precious Metals market correction cycle is near or has been completed!