Elliott Wave Analysis: Uranium Looks Promising

AMEX:URA   Global X Uranium ETF
Hello traders and investors, today we will talk about Uranium in which we see pretty nice and clean bullish development from Elliott wave perspective.

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

After a completed five-wave cycle into wave A/1 at the end of 2021, Uranium slowed down into a wave B/2 correction, which 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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