GX Uranium ETF (URA) Elliott Wave technical analysis [Video]

GX URA Elliott Wave analysis

The Global X Uranium ETF (URA) is an exchange-traded fund that provides exposure to companies involved in uranium mining, exploration, and production and those involved in developing nuclear energy. Managed by Global X ETFs, URA aims to track the Solactive Global Uranium & Nuclear Components Total Return Index.

URA appears to have completed the initial leg of its corrective phase, following the completion of a long-term 5-wave diagonal structure that peaked at $34 in October 2024. This decline represents the first part of a three-wave corrective sequence. The current upward retracement is unfolding as wave (b) but is expected to remain capped below $34, after which the price should turn lower to complete wave (c) and finalize the corrective pullback.

URA daily chart – five-wave advance and correction in progress

The daily chart reflects a well-defined 5-wave diagonal structure that began in March 2022, propelling URA from sub-$7 levels to a peak of $34 in October 2024. Per Elliott Wave principles, a completed 5-wave impulse typically precedes a 3-wave corrective move. The pullback from $34 appears to have completed an expanding diagonal for wave (a) of ((b)), marking the first phase of the correction.

Currently, the wave (b) retracement is unfolding, likely forming a corrective structure below $34. Once complete, another leg lower in wave (c) of ((b)) should follow, allowing for a deeper retracement before the broader bullish cycle from the March 2020 low resumes.

URA H4 chart – Wave (b) in progress, limited upside

On the 4-hour chart, the subdivisions of wave (a) are clearly visible, confirming the corrective nature of the decline. The wave (b) bounce is underway and could extend higher into the $28-$30 zone. However, the broader correction remains valid as long as the price stays below $34, from where another decline in wave (c) of ((b)) should unfold.

Once wave ((b)) completes, the larger bullish trend is expected to resume, potentially offering new long-term buying opportunities.

Technical analyst: Sanmi Adeagbo.

GX URA Elliott Wave analysis [Video]