URA Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.