Cameco (CCJ) Emerges from Pullback, Renews Upward Momentum
The monthly Elliott Wave chart for Cameco shows that the stock completed a significant long-term correction, labelled as wave (II), at a low of $5.30. From there, Cameco embarked on a new bullish cycle, poised for further gains in the years ahead. The stock is currently in wave (III), marked by a strong upward trend. Starting from the wave (II) low, wave ((1)) peaked at $28.49, followed by a pullback in wave ((2)) to $18.03. Wave ((3)) then climbed to $56.24, with a subsequent dip in wave ((4)) to $35.43. The final leg, wave ((5)), reached $62.55, completing wave I of a larger degree. A correction in wave II brought the price to $35. As long as the stock stays above $5.30, the outlook remains bullish, with expectations of continued upward momentum.
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