$UUUU forming a monthly lower high? To see lower prices ahead.

I know everyone wants to be bullish uranium, but to me the chart doesn't looks as great as everyone thinks it does.

$UUUU looks to be forming a monthly lower high, which could setup a move back down to $2.48 over the next year or so.

First stop on a move down would be $6.11, then $4.46, where I think we'd find shorter term support.

Then longer term over the course of the next year, I can see $UUUU heading back to the range it broke out from.

Let's see what happens.

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Now that we're at the support of the structure, will the structure break to the downside? My vote is yes. Still think we see $6.11 and potentially a low of $4.46 if we get an extreme move down.

Even if there's a pop on earnings, the trend is down.

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Yikes, already broke the $6.11 support. $4.46 is next. Now down 40%+

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Update:

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This chart still looks ugly as ever. $2.48 still coming soon...