Cameco Corporation (CCJ), a leading global producer of uranium, plays a pivotal role in the nuclear energy supply chain, mining and refining uranium. Headquartered in Canada, the company benefits from long-term contracts and a strong position in an industry poised for growth amid rising demand for clean, reliable energy. We will look at the long term Elliott Wave path in this blog.
Cameco ($CCJ) Monthly Elliott Wave Chart
The monthly Elliott Wave chart for Cameco (CCJ) reveals that the stock completed a major long-term correction, labeled wave (II), at a low of $5.17. From this base, Cameco has initiated a new bullish cycle with substantial upside potential in the coming years. The stock is currently advancing in wave (III). From the wave (II) low, wave I peaked at $62.55. Wave II pullback followed to $35 in April 2025. The stock has since nested higher into wave III. Another leg up is expected to complete wave ((1)) of III. A subsequent pullback in wave ((2)) should follow before the uptrend resumes.
$CCJ Daily Elliott Wave Chart
The daily Elliott Wave analysis of Cameco (CCJ) indicates that the cycle from the April 2025 low continues to unfold as a five-wave impulse. From that low, wave (1) completed at 80.32, followed by a wave (2) pullback that ended at 68.96. The stock then advanced in wave (3) to 97.79, with wave (4) dips concluding at 80.53. Wave (5) is expected to extend higher, completing wave ((1)) and the overall cycle from the April 2025 low. Subsequently, a wave ((2)) correction should pull back to adjust this cycle before the uptrend resumes. In the near term, as long as the pivot at 35.72 remains intact, any pullbacks should find support at the 3-, 7-, or 11-swing levels, setting the stage for further upside.