Our last observation regarding platinum was to buy a possible pullback at 1073.50$ after discovering that the PL # (Platinum continous futures contract) should have started a new daily & weekly upcycle after the final June cycle low arrived perfectly at the 1*1 Bull Market Angle support, which in turn can be derived directly from the enormously important final bear market low of March 2020.
Since there is a high chance that the 562$ March 2020 Low will also be the FINAL LOW of the entire DECADE 2020-2029 the June cycle low (1021.70$) made at the 1*1 Bull Market Angle:
1. With an 99% accuracy arrived at natural rising naturally strong yearly support. 2. And at same time arrived also at a likely given DECADE support point = MAJOR SUPPORT we 3. have had the nice conviction that this June cycle low with very high probability should be the next important higher bull market low on yearly base.
4. The/a bounce respectively the/a daily & weekly initial upward impulse starting at that June low should necessarily reach at least 1117$. 5. This important future upward resistance backtest magnet at 1117$ should quite certainly be reached quite rapidly!
Let's now look at the current situation and the developments of the last few weeks. Again with the help of the above seen weekly 5 Candle GUNNER24 Up, that has to be set at the 562$ final 2020 Bear Market Low. As always, you can click on the chart above or here on blue to read the analysis and forecast of 06/23:
The weekly upcycle that began as textbook as it can be at the 1*1 Bull Market Angle support = combined yearly & DECADE support rail is now at week candle No. 4.
It is a very bullish development that the market in course of this week pierced the prior identified nearterm 1117.50$ GUNNER24 Resistance Horizontal uptarget magnet by far, printing it`s so far upcycle top at 1145.2$!
==> This horizontal became important for this upward cycle as highs of initial up impulse weeks # 2 and # 3 have tested this resistance rail from below and # 3-top exactly is at the horizontal resistance. With the PL # rading above that 1117.50$ most time of the week there is good prove of some stronger bull energy underway and additionally and logically, the coming upcycle week # 5 should deliver another higher upcycle high compared to this week # 4 cycle high (1145.2$) because this upcycle in terms of the time factor should be obviously attracted by the Fib number 5 and only when at least the 5-Fib number time magnet is due the next real important upcycle high should be delivered, so the rules and the experience.
==> The probability is at 75% that the weekly upcycle will be able to print another higher cycle high sometime in the course of the coming week # 5 up to the week after next (# 6 - 1 = 5 Fib number time magnet)!
And well, I think the chance that this weekly upcycle sometime towards the end of its cycle has to test back the lower line of 3rd future MAIN RESISTANCE double arc once again has risen to about 60%! Hmm, there is the probability that this platinum upcycle will run for 11 to 14 week candles (a to the 13-Fib number!? oriented cycle) and maybe will be able to test the lower line of 3rd, then for the third time at about 1210$ to 1190$. We will see ...
Therefore, with this high degree of certainty of another higher cycle high coming up the next or the week after next week, it offers itself that traders should buy on weakness, which started this past week Friday at current cycle high and may last into next week Monday.
At yellow # 1-1021.7$ 1*1 Bull Market Angle low started the upward cycle. This week candle # 4 of uptrend made next higher low & open & close & high and IF next week will be able to close above the 1117.50$ horizontal PL # would have triggered another "official" weekly GUNNER24 Buy Candle what then would activate the nearest most important uptarget = backtest magnet at above what in this special case is the highlighted "Resistance Backtest Angle"!
Resistance Backtest Angle is nearest most important backtest target for the coming week candles # 5 to # 6, within market might find its first important initial up impulse high. Watch the orange oval. There and then only after the very first touch of the Resistance Backtest Angle (then of course Gann Angle support...) and another successful test of the first square line the rally cycle into so far 2021 Top began.
Means: usually the "Resistance Backtest Angle" is a very attractive future backtest magnet for the underway weekly upycle and the probability is that the "Resistance Backtest Angle" will be hit and tested from below within this upcycle with a high degree of safety!
Usually the Resistance Backtest Angle will offer heavy-strong future resistance at 1170$ to 1175$ surroundings:
Important upcycle tops, maybe influenced by the Fib number 5 time factor, could finally arrive at "Resistance Backtest Angle". Then the time factor would be in harmony to the price factor at around 1170$ to 1175$ and therefore:
==> Nearterm uptarget at 1170.00$! It looks to be hit within next 10 trading days, at latest!
==> Shortterm uptarget at 1210$ to 1190$! This 2021 main backtest resistance arc could be reached towards end of August!
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