URA still needs another push down to a new lower low

URA is the Global X Uranium ETF that provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries.

For months I have been posting bearish counts. And it has been following my bearish count nicely. To make us bullish it should complete the wave 5 down. To do that the minimum requirement is to make a new lower low under the bottom of wave 3 down made at $11.31 made on 20 January 2016. However, I think we are going to see a drop to much lower levels. My most bullish target is $10.63. And most likely it will be a bottom for only subwave iii of (c) of 5 meaning that it will keep open a door opened to another drop to a lower low. The most probable scenario at this point is a drop to at least $8.85 which is 100% extension of the wave (a) of 5 down. As long as it holds under $14.75 with that incomplete structure I would not be bullish on it.