Automatic wave scan: as of 21 Oct 2026, the automatic daily count for Platinum is Wave 5 up with a bullish bias. The count stays valid while price holds 1,596.
Current Platinum wave count
Automatic wave scan Updated daily from the latest daily close (21 Oct 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave advance that began at 1,576 on 8 Jul 2026. Next levels to watch are 1,806 and 2,366. The count fails on a daily close below 1,596.
Key levels
| Type | Levels |
|---|---|
| Resistance | 1 · 917 · 1 · 760 |
| Support | 1 · 596 · 1 · 576 |
| Invalidation | 1,596 |
What is Platinum?
Platinum futures trade on NYMEX in US dollars per troy ounce. South Africa produces about 70 percent of the world's mined platinum, with Russia and Zimbabwe also significant, according to the US Geological Survey.
Car catalytic converters, which clean exhaust gases, are a major source of demand. Platinum is also used in chemicals, glass making, jewelry and hydrogen fuel cells.
What moves the Platinum price?
- South African supply: Power shortages and mine problems in South Africa affect output.
- Auto demand: Diesel and hybrid vehicle production uses platinum in catalysts.
- Substitution with palladium: Carmakers switch between platinum and palladium based on price.
- Investment demand: Coins, bars and ETFs add demand in bull phases.
- Gold direction: Platinum often follows gold in broad precious metals moves.
How Platinum moves in Elliott Wave terms
Platinum spent many years in a long corrective phase after its 2008 peak. Its moves are often slower than silver's but can accelerate when supply concerns build. Triangles and complex corrections are common.
Because the market is small, false breakouts happen. Confirm wave counts with a daily close beyond key levels.
Tips for counting Platinum waves
Watch the World Platinum Investment Council's quarterly reports and South African mining news.
Platinum key facts
Platinum Elliott Wave FAQ
Why is platinum cheaper than gold now?
Platinum demand depends heavily on industry and diesel cars, which declined after 2015. Gold has stronger investment and central bank demand.
Where does most platinum come from?
South Africa produces roughly 70 percent of the world's mined supply.
Is platinum used in hydrogen fuel cells?
Yes. Platinum is a key catalyst in proton exchange membrane fuel cells.
Sources and further reading
- Platinum Quarterly (World Platinum Investment Council)
- Mineral Commodity Summaries (U.S. Geological Survey)
- Platinum futures contract specs (CME Group)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
