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By tradinglounge · Posted
GX Uranium ETF (URA) Elliott Wave Analysis Function - Counter trend Mode - Corrective Structure - Impulse for wave A (circled) Position - Wave (4) of A (circled) Direction - Wave (4) is still in play Details - A bearish impulse from 33.69 is emerging for wave A (circled) and we should see further decline. Overview of GX URA ETF The GX URA ETF, also known as the Global X Uranium ETF, is designed to reflect the performance of companies operating within the uranium industry. This ETF offers investors a diversified portfolio that includes firms engaged in uranium mining, exploration, and production on a global scale. As nuclear power is increasingly recognized as a cleaner energy alternative, the potential for increased uranium demand grows, making the GX URA ETF an attractive option for investors looking to capitalize on the sector's growth. Daily Chart Analysis Analyzing the daily chart, the GX Uranium ETF completed a bullish impulse wave cycle in May 2024, reaching $33.69, up from $17.70 in July 2022. This represented an impressive gain of over 88% in 26 months. From an Elliott wave perspective, such a substantial rise is typically followed by a bearish correction. Since peaking at $33.69, the ETF has been undergoing a downward correction. Ideally, this would involve a three-wave bearish correction. Currently, the ETF appears to be completing the first wave of this correction, known as wave A (circled). After this wave concludes, a corrective bounce is expected for the second wave, followed by another downward move in wave C (circled), which will complete the corrective phase. Alternatively, there is a possibility of a bearish impulse wave decline that could drive the ETF price back down to $17.70 or even lower. This scenario is plausible because the initial impulse sequence to $33.69 marked the completion of wave (c) of a supercycle degree within a larger bullish corrective cycle that began in March 2020. Given that both forecasts indicate a further decline, it is reasonable to expect the ETF to fall to at least $25 in the coming weeks. H4 Chart Analysis On the H4 chart, the bearish impulse wave from $33.69 is still unfolding and is currently in wave (5). There is potential for further extension towards the $27-$28 range, where wave (5) is expected to conclude. Following this, a bullish correction for wave B (circled) could occur, providing a temporary relief before the next phase of the bearish correction sets in. Summary Overall, the GX URA ETF's recent performance and technical analysis suggest that investors should prepare for potential downward movement in the near term while considering the long-term opportunities presented by the uranium sector's growth potential. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
WMT Elliott Wave Analysis Trading Lounge Daily Chart, Walmart Inc., (WMT) Daily Chart WMT Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minute {v}. DIRECTION: Top in wave {v}. DETAILS: We are looking for a five wave move into Minute {v}, considering {iii} was near equality of {i}, we could expect an extension in wave {v}. We also just surpassed 0.618 {v} vs. {iii}, with equality being the next target at 72$. WMT Elliott Wave Analysis Trading Lounge 4Hr Chart, Walmart Inc., (WMT) 4Hr Chart WMT Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave (iv) of {v}. DIRECTION: Bottom in wave (iv). DETAILS: We see volume increasing on the moves up of wave (iv) which gives us additional confirmation we are in a corrective phase. This Elliott Wave analysis for Walmart Inc. (WMT), examines the current market structure and potential future movements using Elliott Wave principles. The analysis provides insights from both the daily and 4-hour charts to offer a detailed understanding of WMT's price action and anticipated trends. * WMT Elliott Wave Technical Analysis – Daily Chart* We are looking for a continuation of the five-wave move into Minute wave {v}. Given that wave {iii} was near the equality of wave {i}, there is an expectation for an extension in wave {v}. The recent surpassing of the 0.618 projection of {v} compared to {iii} suggests that the next target is the equality projection, which is approximately at 72$. This level could act as a significant resistance, and a potential completion point for wave {v}. * WMT Elliott Wave Technical Analysis – 4Hr Chart* The analysis indicates that wave (iv) is currently unfolding, and there is an increase in volume during upward movements within wave (iv), confirming that we are in a corrective phase. This suggests a consolidation or pullback phase before resuming the final leg up in wave {v}. The end of wave (iv) will set the stage for the last impulse to complete the entire wave {v} structure. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
European markets are poised for a strong start to the week following France's first-round election results, where Marine Le Pen's far-right National Rally party led with 34% of the vote, but with a smaller share than some polls had projected. This outcome lifted the euro to a two-week high and boosted indices futures, particularly the CAC40. However, uncertainty remains about the final outcome and its implications, as both far-right and left-wing parties have pledged significant spending increases despite France's high budget deficit. This week sees the release of the US non-farm payrolls report, and US markets are closed on Thursday for Independence Day. The UK election and the crucial second round of voting in France will also dominate events.
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