The uranium price proxy U.TO is just about hanging in there. Below we have the daily and the weekly. We got a weekly close at 3,88 this week. My vital thin trend line is at 3,90 so 3,88 is falling short but still so close that I will give it a green light. This because a difference that small is probably just that my vital thin line is off by those 0,02 I would guess.

I think that we now have an ICL on the daily which means I think we will get a move on quite soon. And, as I have said, there is really no more room left within that second purple falling wedge now. And also, we have sentiment at a low looking at the Wm%R. Plus positive divergences looking at both MACD and TSI. So both cycles and traditional TA are telling us here that this is the bottom for this first correction. Furthermore, this first correction bottom will give us our first higher low for this new bull market.

And URA weekly shows a bullish engulfing at a vital BT area. And also here we have sentiment in the form of Wm%R at a clear low. Looking good.

The setup looks clearly bullish still and I still think uranium is in a new bull market which started in Nov last year when I called the very bear market bottom to the day almost.

We are taken to the edge here in uranium right now but we will be ok as I see it. And, when one is scared shitless at the very bottom of a rough correction, that is when one should be buying, if that market is in an uptrend overall that is, which this one now is.

The big picture for uranium: