Junior Uranium IndexJunior Uranium Index
Here is the Junior Index for the week. I am going to add a little commentary. It looks to me like we might have a
tentative bottom put in. Last weekend I added some annotations showing the Fibonacci retrace levels and what looked
like a developing A-B-C retrace. The retrace as it was projected completed this week and we have actually had two
higher closes in a row. Both were black candles and both were on low volume which somewhat weakens the signal but
there is an old phrase that states tops happen with a shout and bottoms with a whimper. Still, another upday on
Monday would trigger the rule of threes and would mean the downtrend is over and an uptrend has taken over. That
would not mean that there is no more downside risk as an uptrend at this point might simply be a B up wave in a
larger ABC correction with its A leg completing at 19. I don't think so but who knows? Another element that supports
a bottom in my mind are the two big black candles on Tuesday and Wednesday. Those came on above average and about
average volume so they were pretty strong signals. It is nice to see a run exhaust itself with high volatility and
relatively high volume days like that. Most folks who are going to sell would have sold at that point or before so
the selling pressure should be fairly light in theory.
Below is a link to a stockcharts public charts list with the elements of this index that I follow closely. I added comments of my own and would welcome any comments good or bad. I am still feeling my way around the TA arena so feel free to ridicule if you see obvious holes.
Junior Index
https://tinyurl.com/5d9cl
Public List
https://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1004348