In my wave count, we are in the midst of an impulsive move upwards.
We should see the end of this impulsive move at around $300.
To enter, I would wait for the (b) to occur. The target zone for the end of (b) is $118 to $120.
There will be many possibilities to enter after this, though.
Based on my Elliott wave analysis, we should see a correction to around $23 per share.
On the flip side, I could also imagine the correction being very shallow and possibly already over, though this is not my preferred scenario.
Comparing the Cameco wave count with the one of the Uranium-ETF, it becomes apparent that there is a clear divergence between the two....
The whole analysis is based on Elliott Wave Analysis:
I believe that we have only just ended the Wave A of Wave (5), heading into a wave B, acting as a corrective move.
Idealy, I would like the price to dip into the 0.5 to 0.618 retracement zone (165-180).
This might take a while, but once this correction is over, I see a very strong move upwords, as a wave C...
Based on my Elliott wave analysis, we should be approaching a long term top rather soon.
In my estimation, there are about 10-15% left before having a top in place. After this, I expect to see a long term correction back down to 12-14.
