Elliott Wave Analysis of Uranium & Uranium Stocks by Sid from ElliottWavePredictions.com & ElevenQuarterStocks.com

URA daily 5-4-14

URRE daily 5-4-14

Elliott Wave Analysis of Uranium & Uranium Stocks by Sid from ElliottWavePredictions.com & ElevenQuarterStocks.com.  Click on the charts twice to enlarge.

Since just before the Tsunami hit Japan in March 2011, the Uranium ETF: URA lost over 79% of its value through the October 2013 capitulation low.  From that low, URA appears to have carved out a bullish leading expanding diagonal, and has, within the last few days, now retraced .786 of that rise. (Diagonals are typically deeply retraced, and .786 is the deepest major Fibonacci retracement level.)

Additional technical reasons to expect a bounce in Uranium and Uranium stocks: 1) the downward movement from the March 5 high though the April 30 low appears to be a complete, or very nearly complete corrective double zigzag.  2) Hurst cycle analysis is projecting a very large 23.8-week cycle trough low to occur between April 1 and May 9, so URA is well into the latter days of that window.  3) The Stochastic indicator, set on a very slow setting of 41 on a daily chart is starting to bounce from a deeply oversold condition.  4) On-Balance Volume (OBV) is showing an uptick since the April 30 low.

Several Uranium stocks are moving in very similar patterns to Uranium itself, and appear to be primed for a bounce.   See the attached chart of URRE as an example.


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