GX URA Elliott Wave Analysis: Unveiling the Uranium Market Opportunity

GX Uranium ETF Commodity Elliott Wave Technical Analysis

The Global X Uranium ETF (GX URA) offers investors broad exposure to the uranium sector, focusing on companies involved in uranium mining, exploration, and production worldwide. With nuclear energy gaining prominence as a cleaner power source, the rising demand for uranium positions the GX URA ETF as a compelling choice for investors seeking to capitalize on the sector's growth potential.

The ETF has maintained a bullish trend since March 2020, consistently making higher highs and higher lows. Its previous peak in May 2024 was surpassed in October following a 10-week corrective pullback from May's high.

GX Uranium ETF Daily Chart Analysis

After reaching a significant low in November 2021, the ETF formed an impulsive wave A (circled) of the primary degree, marking the initial phase of a larger corrective structure. A corrective pullback for wave B (circled) followed, ending in July 2022. Subsequently, an impulsive wave structure emerged, culminating in May 2024 as wave (1) of C (circled). A pullback formed wave (2), as observed on the daily chart.

Currently, the rally that began on August 5, 2024, appears to be the start of wave 1 of (3), signaling a continuation of the bullish trend. With wave 1 still in progress, the chart suggests significant upside potential remains as the correction plays out.

GX-Uranium-ETF-Commo...


GX Uranium ETF H4 Chart Analysis

The H4 chart reveals that wave 1 of (3) is still developing. The price has completed wave ((iv)) of 1, with further rallies expected in wave ((v)) of 1, potentially targeting $35 before a larger corrective pullback in wave 2.

Key Takeaways:

  • The GX URA ETF continues to exhibit a bullish Elliott Wave structure, pointing to growth opportunities.
  • The rally beginning in August 2024 suggests the start of a new impulsive wave, signaling further potential upside.
  • Near-term price targets indicate potential movement toward $35 before a larger pullback.

By tracking these Elliott Wave patterns, investors can gain deeper insights into the uranium market and the opportunities presented by GX URA.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Copper Commodity Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

GX-Uranium-ETF-Commo...

Related

Commodities: Rising Trends in USD DXY, 10-Year Yields, and Future Upside for Bitcoin, Gold and Silver

Commodities: Rising Trends in USD DXY, 10-Year Yields, and Future Upside for Bitcoin, Gold and Silver

The latest commodity market analysis, employing Elliott Wave Theory, indicates a nearing completion ...

Read More >
Our analysis includes daily and 4-hour chart insights: NVIDIA Corp.(NVDA) Stocks Elliott Wave Technical Analysis

Our analysis includes daily and 4-hour chart insights: NVIDIA Corp.(NVDA) Stocks Elliott Wave Technical Analysis

Explore our detailed NVIDIA Elliott Wave Analysis to understand the current and potential future mov...

Read More >
NASDAQ, AAPL, AMZN, NVDA, TSLA, GOOGL, META, NFLX, MSFT. Elliott Wave Insights & Strategies

NASDAQ, AAPL, AMZN, NVDA, TSLA, GOOGL, META, NFLX, MSFT. Elliott Wave Insights & Strategies

Explore Elliott Wave analysis and trading strategies for NASDAQ-listed stocks, including NASDAQ 100,...

Read More >
AAVEUSD Elliott Wave Analysis: Potential Reversal Signals on Daily and 4H Charts - February 8, 2024

AAVEUSD Elliott Wave Analysis: Potential Reversal Signals on Daily and 4H Charts - February 8, 2024

In this comprehensive analysis of AAVEUSD's Elliott Wave patterns on both daily and 4-hour chart...

Read More >
Gold (XAUUSD) Elliott Wave Technical Analysis: Commodity Market Forecast, Trading Strategy, and Price Prediction

Gold (XAUUSD) Elliott Wave Technical Analysis: Commodity Market Forecast, Trading Strategy, and Price Prediction

This article provides an in-depth Elliott Wave analysis of gold, covering the latest price forecast,...

Read More >
VAS Stock Analysis & Elliott Wave Technical Forecast | Vanguard Strategic Trading Approaches to Optimize Investment Strategy

VAS Stock Analysis & Elliott Wave Technical Forecast | Vanguard Strategic Trading Approaches to Optimize Investment Strategy

Our detailed analysis of ASX V300AEQ ETF provides an in-depth look at the current market trends usin...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on