That is the question on several Twitter threads.

I fail to see any reasonable way to make a declining wedge of of this.

Instead, I see a huge descending triangle whose expectation is to break down. And it did break down spectacularly after a nice headfake breakout. The final plunge went to 562.

But what do we make of the second triangle? Is that another descending triangle or is it a symmetrical triangle?

A symmetrical triangle is a continuation pattern. But a continuation of what? Of the long downtrend or rebound from the low?

What about fundamentals? This one is easy.

Platinum Fundamentals

Catalytic converters: The primary use of platinum is as a catalyst in catalytic converters for cars. This is the largest single use of platinum, making up a significant portion of the total platinum demand.  This accounts for about 50% of demand each year.

Jewelry: Another major use of platinum is in fine jewelry due to its durability, resistance to tarnish, and attractive appearance. 

Medical applications: Platinum is also used in some medical devices like pacemakers and surgical instruments due to its biocompatibility. 

The above answer was generated by AI, but that sounds right. And it is one huge oops for hopefully obvious reasons.

50 percent of the demand for platinum is in a declining industry. In jewelry, people prefer gold.

And in a recession, which I believe is here, what is the demand for jewelry?

Gold Fundamentals

J.P. Morgan: "Gold is money, nothing else."

Gold has industrial uses, but those uses are trivial.

You can claim gold is not money, but central banks hold gold, not silver, not platinum. Why?