Wave 3 in Progress
Hey guys... I'm back!!!
There's a real aggressive Wave3 constructing itself in UXA.
Volume is building and adding to yesterdays 12% push. Based on the size of the Wave1 constructed in January, this baby is heading for .099 > .10c marker (1.61% Standard 3rd Wave Extension).
She's under a full head of steam... All Aboard :D
Next pullback should be .059c (38.2% Minor Wave Retracement) before it advances to complete stage 1 of the Wave3 extension. Still time to buy in for a decent return.
They are also due to announce a deal with a major global client for the use of UXA's newly acquired wireline technology across their entire operation.
I'll post an updated chart tonight.
.059 minor retracement hit (38.2%)
Next target .066 > .068
That'll complete the first Wave3 (1/3) impulse wave and bring it in line with the Wave1 high from January.
Correct retracement call, just one day early :P
Now where to from here...
As we all know, 'technically' things are always subjective - one man's Buy is another man's Sell.
So... after carefully considering how much crap I'll cop from you guys, I decided to post the attached chart anyway.
Naturally, the further into the future you go, the more variables can completely de-rail the predicted outcome. Nevertheless, I solidly believe that UXA is entering Phase 3 (of 5) of Wave 3 - which is the key move that traditionally throws a junior stock into sharp overdrive.
These predictions are based on raw tested statistics rather than technicals - so in theory I have the law of averages working with me on this one.
Combining EW with Fibonacci has given way to a solid 10c top for Wave3 (based on a standard 161.8% extension) with a shallow Wave4 Retracement to 8.3c. Using Time extensions, I've also included the anticipated dates for both of these targets to hit.
Time will tell what happens next, and ultimately whether or not we make a small fortune in the process. Either way, UXA has definately turned a corner with a number of exciting pipeline announcements due very shortly. I've linked their Qtr Report which contains a few decent leads that are due to settle during this month (Major Nth American Client signing with GAA, Cover Deed signing with Teck, Drill start, REE/U Results etc) - any of these have the power to send the SP vertical.
I'll keep updating the usual chart as I go - at the very least it'll be an interesting educational experience for those of you watching this all unfold.
looking the goods now darkstone,this is going to run when its potential is realised by the market in the coming anns at any moment now.
this is the next mnm or pek with a massive rerating coming,also takeover target,this could end up very well, with entry at this level,reward in very near future
"UXA has been approached by a major international uranium company to provide PFN logging at all of its mines &
exploration projects world wide. The company has significant projects in USA requiring PFN and work on this project is expected to start in February 2011"
Now it's close to mid Feb. Announcement due.
The "major North American company" is actually "major international uranium company".
Succeed with this "major partner" can result UXA being awarded many similar contracts from other big U3O8 players.
"PFN is already in use at 6 projects and uranium disequilibrium issues are progressively being revealed."
$1million each = total $6 million income, plus the upcoming projects from the "major international uranium company"...... =huge potential!
"Increasing demand for PFN tool and new gyroscopic tool for iron ore industry" --you know how big the Australian iron-ore industry is
hope your prediction is right darkstone,uranium stocks like coal and phosphate,flavour of the month
Just goes to show this is more art than science :D
Not worried yet as the whole move is still within parameters, it merely decided to go for a stroll. Only thing I'm disappointed with is the extra $2k profit I could've nailed yesterday and reinvested on the close.
Mind you, if I had done that the SP would've skyrocketed lol. I've updated everything on the chart, but the general rundown goes like this:
1) Trend Line still Valid
2) Wave Count still Valid
3) Fibonacci is going deep, but then again Wave2 was shallow. Pullbacks alternate - makes sense. Valid
4) If you play with the Ratios, 61.8 has been exceeded (but only just), 76.4 is generally the last point of no return - which in this case would bust the channel and the top of Wave1. Valid
So while its gone for a deeper correction than I hoped, the game plan is still in play. Targets are still there, ETA is still on target.
Obviously it's going to take the scenic route on the way up.
P.S. Oh and 5) 50/200EMA is still heading North... We're almost at the point of convergence.
Back they go in the sock draw for a rainy day.
This is a prime example of what happens when a company promises this this this and that (all expected within a short time frame)... and then forgets to actually update the shareholders who supported their SP in the first place on the progress of developments.
People get bored, or start to doubt - and then wander off and make money elsewhere.
UXA will get there eventually. Just a shame the drop in SP could've been avoided by a simple market update instead of leaving everyone hanging.
Perhaps they should look at replacing their communications/media staffer. Retail 101: Always keep the customer/client informed.
As for me, the lesson I've learnt is just because it looks like a wave, and moves like a wave, doesn't always make it a wave.