URA Elliott Wave technical analysis [Video]
|URA technical forecast
The GX Uranium ETF (URA) has been advancing in a bullish impulsive structure since the April 2025 low. This move may signify the conclusion of the prior downtrend that began in October 2024. If confirmed, the bullish cycle initiated in March 2020 could resume, offering fresh upward potential. Near-term buying opportunities are expected as traders look to capitalize on dips.
The daily chart reveals that a corrective zigzag structure completed on April 8, 2025, ending the pullback phase labeled as wave b of the cycle degree. This correction followed a 5-wave diagonal wave a, which ran from March 2020 to October 2024. The bullish move from April is now developing into wave ((1)) of wave c at the cycle degree.
A wave ((2)) pullback appears imminent. As long as the price remains above the critical $19.50 support, the retracement should offer long-entry setups within a continued bullish framework.
The 4-hour chart outlines the sub-waves of the ongoing wave ((1)). Current structure suggests that waves (1) through (4) are complete, and wave (5) is either in progress or nearing completion. The bullish leg could extend towards $30.65, although a reversal before reaching this target remains possible.
Traders are advised to await the onset of wave ((2)) before entering long positions, using the $19.50 low as the invalidation level for the bullish scenario.
Technical analyst: Sanmi Adeagbo.
URA technical forecast [Video]
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