Silver Miners ETF (SIL) Acceleration Phase Has Begun

The Global X Silver Miners ETF (SIL) is an exchange-traded fund designed to provide investors with exposure to the silver mining industry. Launched in April 2010, SIL seeks to track the performance of the Solactive Global Silver Miners Total Return Index. It includes a diversified portfolio of global companies primarily engaged in silver exploration, mining, and production. Below we will update the Elliott Wave Outlook for the ETF.

SIL (Silver Miners ETF) Monthly Elliott Wave Chart

The monthly Elliott Wave chart for the Global X Silver Miners ETF (SIL) reveals a significant low of $14.94 in 2016. This marks the completion of a long-term cycle, labeled as wave ((II)) in the Grand Super Cycle. Since then, SIL has been advancing in a sustained uptrend, unfolding as a nested impulsive wave structure. From the 2016 low, wave I surged to $54.34, followed by a corrective wave II that retraced to $16. Subsequently, SIL resumed its ascent in wave ((1)), reaching $52.87. Afterwards, it pullback in wave ((2)) to $21.26. Currently, wave ((3)) is underway, progressing as an internal impulsive structure. As long as the pivotal low of $16 remains intact, the ETF is expected to continue its upward trajectory.

Silver Miners ETF Daily Elliott Wave Chart

The daily chart for the Global X Silver Miners ETF (SIL) indicates that the rally from the September 26, 2022 low is unfolding as an impulsive wave structure. Wave (1) concluded at $42.29, followed by a corrective pullback in wave (2) that bottomed at $31.37. The internal structure of wave (2) formed a zigzag pattern: wave A declined to $34.48, wave B rallied to $40.06, and wave C completed the correction at $31.37, finalizing wave (2) on a higher degree. The ETF has since extended upward in wave (3). From the wave (2) low, wave 1 peaked at $38.34, with a subsequent pullback in wave 2 concluding at $33.11. As long as the pivotal low of $22.57 remains intact, the ETF is expected to continue its upward trajectory.

Source: https://elliottwave-forecast.c...