Platinum: Extended 5th Wave!

SUMMARY

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Platinum skyrocketed in five waves (white). Look how extended wave 5 is. What do you do when you see an extended 5th? In other words, when wave 5 becomes the longest of the five waves. Be very cautious because usually it leads to a very deep correction...as deep as the prior wave 2!! The red ABC waves labeled show that C could venture into the the wave 2 price zone.

The subwaves of red C show that all waves except 5 has been placed. Look how vertically red A has fallen....it's a trait of an extended wave 5. The red circle highlights the prior wave 2 zone. The MACD is also coiling into a contracting pair of symmetrical pattern lines. It's pretty close to the apex so a breakout shouldn't be too far off in time.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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