Silver miners ETF maybe ready to resume higher [Video]

lump of silver or platinum or rare earth mineral on a floor

SIL (Silver Miners ETF) is a financial product designed to mirror the performance of silver mining companies. It offers investors a straightforward way to gain exposure to the silver market without directly purchasing physical silver or individual mining stocks. SIL diversifies risk by spreading investments across multiple companies within the sector, potentially providing a hedge against volatility in silver prices. In this article, we will look at the Elliott Wave outlook for the ETF.

SIL (Silver Miners ETF) monthly Elliott Wave chart

Monthly Elliott Wave chart of SIL above shows the ETF ended Grand Super Cycle wave ((II)) on 2016 at 14.94. From there, the ETF is rallying higher as a nesting impulse. Up from wave ((II)), wave I ended at 54.34 and wave II dips ended at 15.61. The ETF then nested higher within wave III. Up from wave II, wave ((1)) ended at 52.87 and dips in wave ((2)) ended at 21.26.  Then it rallied in wave (1) towards 42.29 and pullback in wave (2) ended at 31.37. As far as pivot at 15.93 low is intact, pullback should find support in 3, 7, 11 swing for further upside.

Silver miners ETF daily Elliott Wave chart

Daily Elliott Wave Chart of Silver Miners ETF (SIL) above shows wave ((2)) pullback ended at 21.13. Rally from wave ((2)) low takes the form of a diagonal 5 waves. Up from wave ((2)), wave 1 ended at 33.24 and wave 2 ended at 22.57. Wave 3 higher ended at 36.75 and wave 4 pullback ended at 28.02. Final leg wave 5 ended at 42.29 which completed wave (1) in higher degree. Near term, while pivot at 21.16 low is holding, expect dips to find buyers in 3, 7, or 11 swing for further upside.