Cameco (CCJ) double correction targets support near the $47 – $59 area

Cameco Corporation (CCJ) is one of the world’s largest uranium producers and a leading supplier of nuclear fuel products used by electric utilities worldwide. Headquartered in Saskatchewan, Canada, the company operates high-grade uranium mines and processing facilities that play a critical role in the global nuclear energy supply chain. In the following charts, we look at the long term Elliott Wave technical outlook.

Cameco ($CCJ) monthly Elliott Wave chart

The monthly Elliott Wave analysis of Cameco (CCJ) suggests that Super Cycle wave (II) completed at the March 2020 low of $5.17. From that pivotal bottom, the stock commenced a powerful impulsive advance in Super Cycle wave (III). The first major subdivision, wave I of (III), topped earlier this year at $135.24. Since then, CCJ has been correcting in wave II of (III). The pullback is taking a shape as a larger-degree double three pattern. This corrective structure is expected to complete a seven-swing decline from the April 1, 2025 low, with support projected in the59 area before the next bullish leg resumes.

$CCJ daily Elliott Wave chart

The daily Elliott Wave analysis of Cameco (CCJ) suggests that Cycle wave I completed its advance earlier this year at $135.24. Since then, the stock has entered a corrective Cycle wave II, which is developing as a double three pattern. Within this structure, wave ((W)) concluded at $83.15, followed by a recovery in wave ((X)) that peaked at $111.54. The next leg lower in wave ((Y)) should extend toward the 100% – 123.6% Fibonacci extension area of wave ((W)). This places the ideal support zone between $47 and $59. This blue box region should attract buyers for either a resumption of the broader bullish trend or, at minimum, a meaningful three-wave recovery.