Uranium Looks Promising: Elliott Wave Analysis
Jun 15, 2022

URA

Uranium made strong and impulsive rally from March 2020 lows, clearly within a five-wave cycle. It actually suggests a bullish reversal at least in three waves A/1-B/2-C/3.

Uranium Chart
Uranium Chart

After a completed five-wave cycle into wave A/1 at the end of 2021, it slowed down into a wave B/2 correction. It now looks like a complex w-x-y corrective decline that can be now approaching the end soon.

From technical point of view, ideal support is around former wave “iv” and 61,8% Fibonacci retracement that comes around 17-15 support area . So, once current wave B/2 correction fully unfolds, we believe that Uranium will be headed higher into wave C or maybe even wave 3.

All the best!

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