Cameco is performing in a text-book manner with each and every wiggle conforming to EW rules and guidelines. Here is a refresher. The stock did an A-B-C counter-trend rally after the lows of Oct 2008 at roughly $15. This may only be part of a much bigger correction, we simple do not know. But the stock will have gone down in 5-waves from the $44 high and should therefore rebound perhaps by one half of the drop, about $10 to $11 depending how low we go. Today we are on the big fat line connecting the lows and that may hold were it not that the pattern is not (yet) complete. A minor 4th and 5th wave (of 5 ) still seem to be needed which could take the stock to the $22 level. This is the extreme so it might be smart to buy a little above that. The gap-in-the-middle-theory would suggest $24 as ideal.

The target is at least at $32 which is where the gap starts closing and where there is a triangle wave 4 (of 3), both “normal” targets. Even at today’s price that would be a nice return, assuming this is correct.

Now that the Japanese reactor has joined Chernoble by having a 7 on the disaster scale it is a good time to review CCO;

There may be a triangle in the wave 4 position, and then perhaps not. Either way we are in the 5th and last wave down which should itself subdivide in 5 smaller waves. My guess would be that the $24/$24.50 would be a good level to buy, but the stock could drop all the way to $22.

CCO is behaving more or less as expected. Still looking for that missing 5th wave down. We may be in it already or we could be tracing out a triangle that will simple consume a little more time. Nevertheless the target stays the same, $24.50 or maybe a little lower. There is should be a buy.

The Nasdaq is one tick away from overlapping, the Russell 2000 has already overlapped so the whole idea of a first 5 wave down is in trouble, at least in America. Most of the Eurapeans still have a way to go. Also S gave back one dollar, exactly what it had gained over the last week. Cameco is up $2.5 which is close to 10%, this together with the whole Uranium space , like DML, UUU, UEX etc all up similar amounts.Here is CC0;

I cannot get clear tick charts  but even using this blunt chart it still seems to me that a 5th wave is missing even after today’s big gain.  There is no news of course from Japan, the focus has shifted to Libya, but in the meantime what is leaking out is not particularly encouraging.