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Shortly after breaking the May 2024 high in October of the same year, GX URA ETF started correcting the bullish impulse from August 2024 that led to this break. Meanwhile, the pullback has reached a key Fibonacci zone and could make a significant bounce which should propel the long-term impulse sequence higher.
GX URA ETF daily chart analysis
In the long term, GX URA ETF is correcting the long-term bearish impulse structure that emerged between February 2011 and March 2020. This bullish correction finished the first leg, wave ((A)), in November 2021 and then wave ((B)) in July 2022. from July 2022, wave ((C)) emerged.
The daily chart showed the price completed waves (1) and (2) of ((C)) in May 2024 and August 2024 respectively. The impulse rally rally from August 2024 that breached the May 2024 high is identified as wave 1 of (3). The pullback from October 2024 is identified as wave 2 of (3). Thus, while 22.81 continues to hold, traders can expect support for this commodity leading to higher prices in the coming weeks.
GX URA ETF four-hour chart analysis
The H4 chart shows the sub-waves of waves 1 and 2 and how the latter is currently being rejected at the Fibonacci support zone of 28.7-25.79. If this zone is not breached, buyers should have the confidence to push higher in wave 3 of (3) toward $42 in the coming weeks. Thus, the upside is favored to continue in both the short and medium-terms.
