GX\u00a0Uranium ETF\u00a0(URA)\u00a0Elliott Wave\u00a0analysis<\/h2>\n
Function <\/strong>–\u00a0Counter trend.<\/p>\n Mode<\/strong> – Corrective.<\/p>\n Structure<\/strong> – Zigzag for 4. Impulse for\u00a0(A).<\/p>\n Position<\/strong> – Wave 5 of\u00a0(A).<\/p>\n Direction<\/strong> – \u00a0Wave 5 of\u00a0(A)\u00a0is still in play.<\/p>\n Details <\/strong>– The blue wave 4 triangle has been completed with confirmation above wave\u00a0(B)\u00a0high. Wave\u00a0\u20185\u2019\u00a0appears to have begun. Invalidation is now at wave\u00a0(E)\u00a0low. Price may retest toward the 30 major level before blue wave\u00a0\u20195\u2019\u00a0continues.<\/p>\n The GX URA ETF, known as the Global X Uranium ETF, is an investment fund designed to track the\u00a0performance of companies involved in the uranium industry. This exchange-traded fund\u00a0(ETF)\u00a0offers investors exposure to a diversified portfolio of global uranium mining, exploration, and production companies. With growing interest in nuclear power as a cleaner energy source and the potential for increased demand for uranium, the GX URA ETF provides investors with an opportunity to participate in this sector’s growth.<\/p>\n After moving sideways for three months, the URA ETF is attempting an upside breakout as traders add to LONGs and exit SHORTs to extend the bullish impulse sequence that started in August 2022. The price is expected to attempt to reach a new high in 2024. From the Elliott wave perspective, we can expect the price to surpass the February 2024 high.<\/p>\n On the attached daily chart, a clear bullish impulse wave structure emerged from 17.71 in August 2022. It completed the 3rd wave – primary wave 5\u00a0(circled\u00a0in blue) in February 2024 and then moved sideways to complete a triangle structure for the corresponding 4th wave – blue wave 4. The 4th wave – blue wave 5 is now emerging and should reach a new high for the year.<\/p>\n The H4 chart shows the sub-waves of the triangle 4th wave subdivided into five 3-waves within two contracting opposite lines. Primary degree wave 5\u00a0(circled\u00a0in blue) is expected to continue higher toward 36-36. However, the price might pull back toward the 30.00 major level before the rally continues. This forecast<\/a> will remain valid as long as the price remains above the 27.98 major level.<\/p>\n <\/a><\/p>\n \u00a0<\/p>\n![\"Chart\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Uranium4h-638506748721374922.png\")
<\/a><\/p>\nGX Uranium ETF (URA) Elliott Wave technical analysis [Video]<\/h2>\n