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A relatively quiet start to the week from an economic data perspective but we're still seeing some decent moves in the markets this morning, particularly in the Japanese yen.

The yen has jumped this morning on the back of comments from Bank of Japan Governor, Kazuo Ueda, who hinted that interest rates may not be negative for much longer.

Ueda reportedly claimed that if they become confident that prices and wages will keep rising sustainably, which could be as early as year-end, then an end to negative interest rates could be one option on the table. The focus for so long has been on the central bank's yield curve control policy but perhaps these comments suggest abandoning that will not be the first major move.

Of course, at a time of so much speculation around currency intervention and a rapidly weakening yen, you have to wonder what the real motivation behind these comments is and how seriously to take them. Only time will tell but for now, they've managed to give the yen a boost.

Downgraded growth forecasts for the eurozone ahead of the ECB meeting

The European Commission downgraded its forecasts for the EU this year and next, weighed down by much weaker growth in Germany. The new forecasts won't come as a major surprise and may even prove overly optimistic over time but they do come days ahead of the next ECB meeting and could tempt some policymakers into voting to pause the tightening cycle.

ECB policymakers will obviously be armed with their own forecasts when it comes to the vote but it's likely their growth expectations will be revised lower on the basis of recent releases. While markets are currently pricing in a pause this week, around 60/40 at the time of writing, I'm probably leaning more toward a final hike before pausing in October.

It's probably easier to justify a hike this week than it may be at the end of next month and I'm not sure there's enough desire at the ECB to stop at the current rates. Weaker economic readings will probably drive a lively debate and they obviously won't suggest, if they do hike, that it's job done, rather more finely balanced. But they can't ignore the progress in recent months, other economic indicators and lag effect of past moves.

Oil steadies around $90 as China data fails to give it a boost

Signs of stabilization in China don't appear to be giving oil prices much of a lift today, with Brent and WTI trading a little lower so far. While the annual CPI reading moved back into positive territory and new loans improved, traders are seemingly cautious about the outlook so are refusing to get carried away with the figures.

Oil prices have also been tearing higher again in recent weeks, aided by the Saudi/Russian decision to extend output restrictions until the end of the year. Brent is now trading around $90 where it has stalled over the last week. A sustained break above here would be a big psychological move and trigger a lot more speculation about triple-figure oil again, something we haven't seen in a year and could complicate the inflation and interest rate outlook.

Gold edges higher on weaker Dollar but focus on US CPI

Gold has steadied since the middle of last week after falling on the back of some better economic data from the US. Naturally, the focus is now on the inflation report tomorrow ahead of next week's Fed meeting but the yellow metal is climbing a little today as the dollar eases off its recent highs. If it adds to these gains it could face resistance once more around $1,950 where it ran into difficulty a couple of weeks ago.

In this article we’re going to take a quick look at the Elliott Wave charts of NIKKEI published in members area of the website. As our members know NIKKEI is showing impulsive bullish sequences that are calling for a further strength. Recently we got a 7 swings pull back that has ended at the Blue Box zone,our buying area. In the further text we are going to explain the Elliott Wave Forecast and trading setup.

NIKKEI Elliott Wave 4 Hour Chart 08.17.2023

NIKKEI is giving us correction that is unfolding as a 7 swings pattern. The price is reaching extreme area at 31287-30761 blue box ( buying zone). At the moment structure is still incomplete. Another wave down should be ideally seen toward marked area. We don’t recommend selling the futures and prefer the long side. We expect NIKKEI to make a rally toward new highs or in 3 waves bounce alternatively. Once bounce reaches 50 Fibs against the X red high-33495 , we will make long position risk free ( put SL at BE) and take partial profits.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Quick reminder on how to trade our charts :

Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫

NIKKEI Elliott Wave 4 Hour Chart 09.04.2023

NIKKEI made the last push down as expected. The price found buyers right at the equal legs area : 31287-30761 . NIKKEI made good reaction from our buying zone. We call wave pull back completed at 31256 low. The price has reached and exceeded 50 fibs against the X red high. Consequently, members who took the long trade are enjoying profits now in a risk free positions. We would like to see break of (1) blue high :34040, to confirm next leg up is in progress.

The EUR/USD currency pair kicked off the week on a vibrant note, trading around 1.0720. The days ahead promise a series of impactful events that could influence the pair's trajectory.

In the U.S., critical inflation data for August is set to be released this week. Year-over-year Consumer Price Index (CPI) figures are expected to have increased to 3.6%, up from 3.2% the prior month. On the eve of the Federal Reserve's upcoming meeting, this uptick could bring mixed sentiments. In contrast, core inflation is projected to decline to 4.3% year-over-year from the previous 4.7%.

Across the Atlantic, the European Central Bank (ECB) is scheduled to convene on Thursday to determine interest rate policy. Given the precarious state of the Eurozone's economy, the consensus expectation is that the ECB will opt to maintain its current interest rate of 3.75% per annum. Any statements or actions from the ECB are expected to significantly influence the euro's value.

Technical Analysis of the EUR/USD Currency Pair

On the 4-hour chart, EUR/USD recently completed a downward wave at 1.0686. In the short term, the market could experience a corrective rally towards 1.0755. Upon reaching this level, a fresh downward structure targeting 1.0680 may ensue. Subsequently, a bullish wave could set its sights on 1.0911. The Moving Average Convergence Divergence (MACD) indicator lends technical support to this scenario; its signal line is currently below zero but appears to be gearing up for an upward move.

On the 1-hour chart, a consolidation zone has taken shape around 1.0720. The market at one point extended this range upward and could potentially trend towards 1.0755. Once this price level is attained, a downward movement towards 1.0680 may commence. This viewpoint gains technical validation from the Stochastic oscillator, whose signal line has recently recoiled from the 80 mark and is now oriented downward, possibly heading towards the 20 level.

In summary, the EUR/USD pair faces a week rich in potential catalysts, with key data releases and policy meetings in both the U.S. and Eurozone. Both short-term and medium-term technical analyses suggest a mixed outlook, with opportunities for both upward corrections and renewed declines. Keep a close eye on economic indicators and central bank actions as they could drastically alter the landscape.

Summary

• We look for the FOMC to keep its target range for the federal funds rate unchanged at 5.25-5.50% at its meeting on September 20. Most market participants expect rates to remain on hold as well.
• Recent data suggest that the U.S. economy generally remains resilient despite the 525 bps of rate hikes that the FOMC has delivered since March 2022. That said, it appears that the monetary tightening of the past 18 months is beginning to have its intended effect. The labor market is becoming less tight, and price pressures are easing.
• There remains some distance to go before reaching the Fed's inflation target of 2% on a sustained basis. Therefore, we expect the post-meeting statement will continue to signal that the Committee maintains a hawkish bias.
• The FOMC will release its quarterly Summary of Economic Projections (SEP) at the conclusion of the meeting. We expect that the September SEP will portray a more optimistic outlook for the U.S. economy than the last SEP did in June. Specifically, we look for the FOMC to raise its forecast for real GDP growth this year while also nudging down its outlook for inflation.
• We do not expect major changes in the "dot plot." The median dot for 2023 stood at 5.625% in the June SEP, which would imply another 25 bps rate hike between now and the end of the year. We think it will be a close call on whether the median stays at 5.625% in the new dot plot or drops to the current midpoint of 5.375%. We lean toward the latter, though the August CPI report, to be released on September 13, may be the ultimate deciding factor.
• We do not think the median dots for 2024 and 2025 will change much, if at all, though some of the highest dots may be reined in a bit.

Standing Pat in September, but with a Hawkish Bias

After having raised the fed funds target range by 75 bps at four consecutive meetings beginning in June of last year, the FOMC has gradually slowed the pace of subsequent policy tightening. The FOMC hiked rates by 50 bps in December 2022, then slowed the pace of tightening to 25 bps at each of its first three meetings of this year. A "skip" in June followed by another 25 bps hike at its most recent meeting on July 26 suggests that the pace of tightening has slowed even further, consistent with the policy rate nearing—if not already having arrived at—its ultimate destination for this cycle.

We expect the FOMC will leave the fed funds target range unchanged at 5.25-5.50% at the conclusion of its next meeting on September 20. Economic activity has continued to hold up relatively well considering the 525 bps of cumulative rate hikes since March 2022. GDP growth looks set to strengthen in Q3-2023, underpinned by a pickup in consumer spending (Figure 1). Survey data also suggest that growth has improved over the past few months, with the ISM services index rising to a six-month high in August.

Yet recent data on the labor market and inflation suggest that the policy tightening of the past 18 months is beginning to have its intended effect more clearly. Nonfarm payroll growth has slowed to a three-month average of 150K from a reported 244K when the FOMC last met in July (Figure 2). Supply and demand for labor are moving toward a better balance. The unemployment rate rose to 3.8% in August, its highest rate since February 2022, fueled by a surge in the labor force. Demand for new workers has cooled, as evidenced by a sharp decline in job openings in July; however, low and steady layoffs indicate employers are holding on to existing workers. With businesses more easily meeting hiring needs, labor cost growth has started to slow (Figure 3).

Inflation also has started to make encouraging progress toward the Fed's 2% goal, even if there remains some distance to go before reaching it on a sustained basis. Core PCE inflation, historically the FOMC's preferred gauge of the underlying trend in inflation, slowed to a 2.9% annualized rate in July, the first sub-3% reading in two-and-a-half years (Figure 4). Some of the biggest pandemic-era drivers of inflation are fading, with core goods prices declining and housing inflation slowing over the past two months. The FOMC will get one more key inflation reading before its policy decision with the August CPI report on September 13. If core CPI prints in line with the consensus and our own expectations (+0.2% month-over-month), the three-month annualized pace of price increases would slow to 2.0%.

Even if the August core CPI surprises to the upside, we doubt it would spur the FOMC to hike again next week. Policymakers have been stressing that the cumulative amount of rate hikes and uncertainty surrounding the lagged effect of policy changes require moving more cautiously at this juncture of the cycle and assessing a longer period of data before determining its next move. In addition, a few relatively hawkish members of the Committee have indicated they are comfortable leaving the fed funds rate unchanged in September. For example, in an interview on September 5, Governor Waller said that the recent data would "allow us to proceed carefully" and that "there's nothing that is saying we need to do anything imminently." Furthermore, the FOMC has been loath to spring a surprise decision on markets. Interest rate futures contracts currently point to less than a 10% chance of a hike next week, a rather low probability if next week's decision hinged on the outcome of Wednesday's CPI report.

With progress on inflation still tentative, the labor market cooling only gradually, and GDP continuing to chug along, we expect the post-meeting statement will continue to signal that the Committee maintains a hawkish bias. Specifically, the statement likely will note considerations for "additional policy firming" rather than hint at an extended pause in order to maintain optionality at its following meeting on November 1. The characterization of current economic conditions in the post-meeting statement are likely to be little changed, except for a modest downgrade to the description of recent job growth.
Summary of Economic Projections: A More Optimistic Outlook

The September FOMC meeting will include an update to the Committee's Summary of Economic Projections (SEP). The last SEP was released at the conclusion of the June 13-14 FOMC meeting, and since then the economy has outperformed expectations. The June SEP contained a median real GDP growth projection of 1.0% for 2023. Based off the strong data over the past few months, we expect this forecast will be revised materially higher, perhaps as high as 2.0%. We suspect the median projection for real GDP growth in 2024 and 2025 will be revised a bit lower to reflect that some of the anticipated slowdown has been delayed rather than forgone, but we doubt the downward revisions will be as big as the upward move for 2023. Accordingly, we expect the median projection for the unemployment rate to tick down by a tenth or two for 2023 and beyond.

Perhaps even more encouragingly, this more optimistic outlook for output growth and the labor market likely will be accompanied by some downward revisions to the Committee's inflation projections. As discussed earlier, the slowdown in inflation over the past few months has been impressive. In June, the median FOMC participant expected headline PCE inflation of 3.2% and core PCE inflation of 3.9% for 2023. Our latest forecast looks for headline and core PCE inflation to be 3.0% and 3.4%, respectively, on a year-over-year basis in Q4-2023 (Figure 5). We doubt the Committee's projection for 2023 core PCE inflation will fall all the way to 3.4%, but 3.6% or so strikes us as plausible. The 2024 and 2025 median projections for core inflation may also tick lower by a tenth or so. If realized, this would mark the first downward revisions to the Committee's median core inflation projections since 2020, a key sign that the central bank is feeling more confident that it is starting to get price growth back in check.

What will a stronger economy and slower inflation outlook mean for the dot plot? We suspect the answer is not much. Given that inflation continues to recede, we doubt the FOMC will want to signal tighter monetary policy than what was conveyed in the June SEP. That said, we doubt the median dots will fall much either. Committee members probably will be wary of sending an overly dovish signal when the fight against high inflation remains incomplete. The June projections showed a median fed funds rate of 5.625% for year-end 2023 (Figure 6). Assuming the FOMC does not hike rates at the September meeting, the June dot plot would imply one more 25 bps rate hike at one of the two remaining FOMC meetings of the year. We think it will be a close call on whether the median stays at 5.625% or drops to the current midpoint of 5.375%. We lean towards the latter, though the August CPI report, to be released on September 13, may be the ultimate deciding factor. For 2024 and 2025, we do not think the median dot will change much, if at all, though some of the highest dots may be reined in a bit as the case for very restrictive monetary policy in 2024 and 2025 has receded.

The September SEP also will include the initial rollout of the Committee's projections for 2026, but we doubt this will be a major game changer for markets. We suspect the median projections for 2026 will look much like the "longer-run" forecasts from the June SEP: roughly 2% real GDP growth, an unemployment rate at or slightly above 4%, inflation near 2% and a fed funds rate at or slightly above 2.5%.

European Commission, in its Summer 2023 interim forecast, revised down its growth projections for Eurozone. For 2023, growth outlook was cut from 1.1% to 0.8%, while 2024 projection was trimmed from 1.6% to 1.3%. On the inflation front, expectations for 2023 was djusted downward from 5.8% to 5.6%, yet 2024 forecast saw a minor uptick from 2.8% to 2.9%.

Delving into individual nations, Germany's economic forecast has been dampened significantly. Growth projection for 2023 is now set at a contraction of -0.4%, a stark difference from prior 0.2% growth prediction. 2024 projection has been revised down from 1.4% to 1.1%.

On the contrary, France has seen a boost in its 2023 growth projection, raised from 0.7% to 1.0%. However, its 2024 growth forecast was trimmed slightly, from 1.4% to 1.2%.

Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People,said: "The persistently high inflation rate has exacted a heavy cost, although signs of its abating are visible. Following a spell of economic slack, we anticipate a modest rebound in growth in the coming year. This optimism is driven by a resilient labor market, historical lows in unemployment, and diminishing price pressures. Nonetheless, the economic trajectory remains uncertain, necessitating vigilant risk monitoring."

Echoing these sentiments, Paolo Gentiloni, Commissioner for Economy, stated, "Our economies have been battling numerous challenges this year, culminating in softer growth than our spring projections had indicated. While inflationary pressures are waning, the rate varies across the EU. Furthermore, Russia's aggressive actions against Ukraine persist, leading not just to human distress but also significant economic upheaval."

Full EC Summer 2023 Economic Forecast here.

The Japanese yen has roared out of the gates on Monday and gained 1% against the US dollar. In the European session, USD/JPY is trading at 146.34.

Ueda says negative rates could end

The yen has been on a dreadful slide and dropped close to the 148 line last week. USD/JPY rose 1.07% last week and the greenback appeared to have momentum on its side. That upswing to a rude crash as the yen regained almost all of last week’s losses on Monday, following comments from Bank of Japan Governor Ueda over the weekend.

Ueda said in a newspaper interview that the BoJ could have enough data on wage growth by the end of the year to determine whether it can end negative rates. This was not a signal that Ueda was changing policy, as the Governor reiterated in the interview that the BoJ would “patiently” maintain its ultra-loose policy. Still, the fact that Ueda said that the BoJ could eventually raise rates was enough to send the yen flying higher on Monday.

Ueda’s remarks came after a series of hawkish comments by BoJ members in recent weeks, suggesting that the central bank is preparing the markets for a policy shift. Inflation has consistently been higher than the BoJ’s target of 2% and put into question the BoJ’s stance that inflation is not sustainable.

Ueda may have also intended to take a swipe at the strong US dollar, which has pummeled the yen. Last week, Vice Finance Minister Kanda, who is Japan’s currency diplomat, warned that the authorities “will not rule out any options on currencies if speculative moves persist” and Ueda’s remarks can also be viewed as verbal intervention to prop up the Japanese currency. Tokyo resorted to currency interventions late last year and could step in again if the yen keeps losing ground.

USD/JPY Technical

• USD/JPY has pushed below support at 147.24 and 146.61. Below, there is support at 145.40
• 148.45 and 149.08 are the next resistance lines

• Gold fails to pierce descending trendline
• Encounters strong support at 200-day SMA
• Is bullion headed for a re-test of the crucial barrier?

Gold experienced some losses after its advance got rejected at the downward sloping line that connects its recent lower highs. However, the 200-day simple moving average (SMA) capped the pair’s decline, with the short-term oscillators pointing to more gains in the near term.

If the price attempts to move higher, immediate resistance could be found at the May low of 1,932, which overlaps with the 50-day SMA. Conquering this barricade, the bulls could propel the price above the descending trendline before the February peak of 1,959 gets tested. Further advances may then cease at the July high of 1,987.

Alternatively, should bullion reverse back lower, the recent support of 1,915 could act as the first line of defense. A break below that zone might pave the way for the June low of 1,893. Even lower, the five-month bottom of 1,884 may provide downside protection.

In brief, gold appears to be regaining traction after bouncing off strongly from its 200-day SMA. However, a break above the downward sloping trendline is needed for the short-term picture to turn back to bullish.

• Important data releases coming up as the market is looking ahead to next week’s key events
• Average earnings figures are expected to remain elevated, sounding an alarm at the BoE halls
• The main part of this week’s data will be released on Tuesday (06:00 GMT)

The Bank of England prepares for next week’s meeting

Central banks have put the summer break behind them and are preparing for a frantic period ahead. The BoE is hosting its meeting next week, on September 21, a day after the Fed’s respective meeting. In the meantime, central bankers continue to evaluate Fed Chairman Powell’s message at the Jackson Hole gathering and strategize their own monetary policy actions after a very strong rate hiking cycle.

The BoE is making dovish noises again, but this looks like an attempt to control the ballooning market expectations. In particular, market participants assign a 75% probability for a 25bps rate hike at next week’s gathering and a decent 35% probability for similarly sized move at the November meeting. With inflation still elevated – the highest among the key developed economies – there is little leeway for BoE members not to react, especially considering the fact that the core inflation indicator - excluding energy, food, alcohol and tobacco - remains just 0.2% below its May 2023 peak. The market is anxious for some further comments this week, starting with Mann on Monday, just ahead of the usual blackout period.

Busy calendar; Average earnings data stand out

Ahead of the crucial BoE meeting though, we have a plethora of economic data releases scheduled. On Tuesday, we will get employment data and crucial information on average earnings for the month of July. In terms of the former, unemployment is expected to record another small increase, rising to 4.3%, the highest level since October 2011.

Since unemployment is a lagging indicator, the market is expected to be all over the average earnings data. As noted last month, the June print marked the first time that the annual rate of earnings surpassed the annual inflation rate. This means that since November 2011 the real disposable income for UK citizens has been negative, gravely affecting consumer sentiment.

Another strong print on Tuesday morning would prove helpful for consumers amidst the current cost-of-life crisis but the BoE members are unlikely to be as happy. The continued higher earnings prints substantially increase the possibility of second and third round effects manifesting as the higher inflation rate could become part of the public’s mindset. The latter was mentioned in the August 3 meeting’s minutes and will most likely be a part of the discussion at the next meeting.

Production data painting a brighter picture but the housing sector is feeling the pain

Amidst the current muted growth environment, the recent industrial and manufacturing production data have been improving. Both indicators managed to record their first annual positive prints since June 2022. On Wednesday, the July 2023 figures will be published and are expected to show further improvement, increasing the possibility for a strong GDP print for the third quarter of 2023.

On the flip side, the housing sector is feeling the impact of the higher mortgage rates. Mortgage approvals have dropped considerably with the actual lending figures tumbling. House prices are recording negative annual moves, for example the most recent Halifax house price index showed a 4.6% annual drop for the month of August. Consequently, the RICS house price index is expected to dive even further to negative territory.

Euro-pound close to 2023 lows

Contrary to the US dollar, the pound has failed to record any gains against the euro over the past 40 days. However, this pair continues to hover at the lower end of its 2023 trading range with the market appearing to be in waiting mode. A positive set of data this week, especially strong average earnings figures, would most likely confirm the strong rate hike expectations. Consequently, the pound could get the necessary boost to record a new 2023 below the key 0.8504 level.

GBP/USD retested the 1.2450 support and is now correcting losses. USD/CAD is correcting gains and trading below the 1.3655 support.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

• The British Pound is eyeing a fresh increase above the 1.2580 resistance.
• There is a key bearish trend line forming with resistance near 1.2550 on the hourly chart of GBP/USD at FXOpen.
• USD/CAD declined below the 1.3655 and 1.3615 support levels.
• A connecting bearish trend line is forming with resistance near 1.3615 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2700 resistance zone. The British Pound traded below the 1.2550 support to enter a bearish zone against the US Dollar, as discussed in the previous analysis.

Finally, the bulls appeared near the 1.2450 zone. The pair is now attempting a recovery wave above the 50-hour simple moving average and 1.2480. There was a break above the 23.6% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low.

The RSI moved above the 50 level on the GBP/USD chart and the pair is now showing a few positive signs. Immediate resistance is forming near a key bearish trend line at 1.2550 and the 50% Fib retracement level of the downward move from the 1.2642 swing high to the 1.2447 low.

The next resistance is near 1.2580. An upside break above the 1.2580 zone could send the pair toward 1.2655. Any more gains might open the doors for a test of 1.2700.

On the downside, initial support is near the 1.2480 area. The next major support is 1.2450. If there is a break below 1.2450, the pair could extend its decline. The next key support is near the 1.2400 level. Any more losses might call for a test of the 1.2345 support.

USD/CAD Technical Analysis

On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3700 resistance zone. The US Dollar gained bearish momentum below the 1.3655 support against the Canadian Dollar.

There was also a close below the 50-hour simple moving average and 1.3615. It seems like the pair is now moving lower toward the 1.3585 support. If there is a recovery wave, the pair could face resistance near a connecting bearish trend line at 1.3615.

The trend line coincides with the 23.6% Fib retracement level of the recent decline from the 1.3694 swing high to the 1.3594 low. The next key resistance on the USD/CAD chart is near the 50-hour simple moving average at 1.3655.

The 61.85 Fib retracement level of the recent decline from the 1.3694 swing high to the 1.3594 low is also near 1.3655. If there is an upside break above 1.3655, the pair could rise toward the 1.3700 resistance.

The next major resistance is near the 1.3720 level, above which it could rise steadily toward the 1.3785 resistance zone. Conversely, it could continue to move down.

Immediate support is near 1.3585. The first major support is near 1.3560. A close below the 1.3560 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3500. Any more losses may possibly open the doors for a drop toward the 1.3450 support.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Platinum (PL) is still correcting cycle from 9.1.2022 low and the correction is unfolding as a double three. In this article, we will update the longer term Elliott Wave outlook for Platinum. We also present an alternate view if the pivot at September 2022 low (803) fails, which suggests a bigger correction against March 2020 low remains in play. In the higher time frame, the metal is in a bullish grand super cycle move higher against March 2020 low.

Platinum (PL) Monthly Elliott Wave Chart

Monthly Elliott Wave Chart of Platinum above shows that the metal has ended wave ((II)) at 562 on January 2020 low. The metal has turned higher in wave ((III)). Up from wave ((II)), wave (I) ended at 1348. Pullback from there was a clear 3 swing (corrective) and ended wave (II) at 796.8. The metal now needs to break above wave (I) at 1348 to rule out a double correction in wave (II). As far as pullback stays above wave (II) at 796.8, it can see further upside. Break below 796.8 suggests a double correction in wave (II) before the next leg higher.

Platinum (PL) Daily Elliott Wave Chart

Platinum Daily Elliott Wave ChartDaily Elliott Wave Chart on Platinum above shows that the metal is pulling back in wave ((2)) to correct rally from 9.1.2022 low (801.9). Pullback is proposed to take the form of a double three. As far as pivot at 801.9 stays intact, expect pullback to find buyers and the metal to extend higher again.