Energies Coming Lower, But Into Support Zone

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Commodities energies like Uranium and Lithium are slowing down for the last year or so, but the price action is slow and the wave structure looks corrective from Elliott's wave perspective.

While commodities keep slowing down, we can see Uranium making deeper and larger a-b-c correction within B/2. After recent sideways triangle consolidation, seems like it was a triangle in »b« that is now followed by another decline for wave »c«. It can ideally stop around 50%-61,8% Fibonacci and 14-12 support zone before a bullish continuation into a higher degree C/3.

URAd

Similar to Uranium, even Lithium can be traded in an (A)-(B)-(C) correction, where we are already tracking wave (C) into a projected 55-45 support zone that can be completed within an ending diagonal (wedge) shape. Once a correction fully unfolds, be aware of rallying back to higher within a higher degree wave V.

litW


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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only. Visit www.wavetraders.com for more ...

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