Uranium – Quick Update
$UUUU has skyrocketed 176% since our April 9 call—blowing past our already-bold 138% target. Not bad, right? While others are just now catching on, we were there before the breakout even started. Now it’s time for a quick pulse check on the recent signals to see what’s next for the rally—and whether the bullish case still stands strong. And yes, we’ll take a look at $URA while we’re at it.
CANDLES
Uranium stocks may be setting up for a significant pullback. URA has already formed a top on the daily chart and is spreading that bearish momentum to the larger timeframes. UUUU isn’t far behind—it’s approaching a potential Bearish Engulfing on the weekly. Consider this your early warning. The charts are starting to shift.
ELLIOTT WAVE
UUUU
Mid Term
As discussed earlier, UUUU has possibly completed—or is very close to completing—wave (iii) and may be entering wave (iv). This hypothesis is not yet confirmed, as the current wave down is still in its early stages and has yet to reveal its true character.
The move following our April 9 call exceeded all expectations—delivering far more (176%) than even our boldest projections (138%) anticipated.
Possible path for URA
I covered the possible paths for URA in the weekly Commodities Digest. At this stage, it could be unfolding as either wave ii in purple or the beginning of wave (ii) in red. So far, the wave down has been corrective in nature, leaving both scenarios on the table.
Happy Trading!
