UEC: Close to a Substantial Bottom? Bullish Outlook!The current pullback, which began in December, is still unfolding. Right now, the market is testing the white wave 2 support zone between $4.80 and $5.46, but the chart doesn’t yet look ready for an upside reversal. Even in the white scenario, a bit more downside is likely with some small downward moves still to come.
In the orange scenario, the price would likely form a larger 4-5 structure to the downside. If UEC breaks below the wave 2 low at $4.10 (a swing low from September 2024), the orange wave 2 scenario would take precedence, with support between $3.86 and $3.08.
Despite the short-term weakness, the overall structure remains bullish. Whether this is a smaller-degree wave 2 or a larger-degree wave 2 is still unclear, but the long-term outlook for UEC remains positive. I'm closely watching for an upside reversal, with the first signal coming from a break above $6.34.
