Full exit from the position for me
Position #7:
URA - 1M & 3-D
On the monthly timeframe it still looks good overall, a long-term rounded bottom forming a possible Cup & Handle, except now it looks more like the Handle phase after losing the ascending triangle.
Wave 4 of Elliott Wave theory, meaning the Golden Pocket, would be between $34.5 - $36. That area becomes very interesting because it is also the most important horizontal support and the top of Wave 1. Nicely curved yellow 50-MA around $31+ provides additional support from below.
On the 3-day chart there is an obvious Wyckoff structure in action. For me this is the last moment to step away from the position. There has already been a market structure shift into a downtrend on both the 3D and 1D timeframes. So far we have a bounce from the lower low at $42.5, but it is probably short-lived, making this potentially the best opportunity for me to exit and wait for lower levels.
This is not investment advice, just a blog.
💙👽
Position #7:
URA - 1M & 3-DOn the monthly timeframe it still looks good overall, a long-term rounded bottom forming a possible Cup & Handle, except now it looks more like the Handle phase after losing the ascending triangle.
Wave 4 of Elliott Wave theory, meaning the Golden Pocket, would be between $34.5 - $36. That area becomes very interesting because it is also the most important horizontal support and the top of Wave 1. Nicely curved yellow 50-MA around $31+ provides additional support from below.
On the 3-day chart there is an obvious Wyckoff structure in action. For me this is the last moment to step away from the position. There has already been a market structure shift into a downtrend on both the 3D and 1D timeframes. So far we have a bounce from the lower low at $42.5, but it is probably short-lived, making this potentially the best opportunity for me to exit and wait for lower levels.
This is not investment advice, just a blog.
💙👽
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.