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Uranium Miners ETF (URA) Back on Bullish Path

The ticker symbol URA corresponds to the Global X Uranium ETF, an exchange-traded fund (ETF) listed on the NYSE Arca. Launched on November 4, 2010, and managed by Global X Management Company, this fund aims to provide investors with exposure to the uranium industry by tracking the Solactive Global Uranium & Nuclear Components Total Return Index. This index includes a diversified portfolio of global companies engaged in uranium mining, exploration, production, and related activities, such as the development of nuclear power technologies. Below we will look at the Elliott Wave technical outlook for the instrument.

URA Elliott Wave Chart Monthly Chart


The monthly chart of the URA ETF reveals that it completed wave ((II)) of the Grand Super Cycle at a low of 7.01. Since then, the ETF has been advancing in a clear impulsive structure. From the March 18, 2020 low, wave I peaked at 31.60, followed by a wave II pullback that concluded at 17.65. The ETF then progressed into wave III, which is unfolding in five distinct sub-waves. From the wave II low, wave ((1)) reached 33.66, with the subsequent wave ((2)) pullback finding support at 19.50. As long as the critical 7.01 pivot holds, the $URA ETF is expected to maintain its upward trajectory.
URA Daily Elliott Wave Chart
URA Elliott Wave Chart

The daily chart of the $URA ETF shows that wave ((2)) concluded at 19.47, forming an expanded flat pattern. Within this structure, wave (A) bottomed at 22.79 and wave (B) rallied to 33.99. Wave (C) declined to 19.47, completing wave ((2)). Since then, the ETF has advanced in an impulsive structure. From the wave ((2)) low, wave 1 peaked at 23.31, followed by a wave 2 pullback that ended at 22.12. The ETF has since extended higher in wave 3. Within wave 3, wave ((i)) reached 28.31, and the wave ((ii)) pullback found support at 27.26. In the near term, as long as the pivot low at 19.47 holds, any pullbacks are expected to attract buyers in a 3, 7, or 11-swing sequence, supporting further upside.
$URA Elliott Wave Video
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Source:-forecast.com/video-blog/uranium-miners-etf-ura-back-on-bullish-path/