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 Grand Super Cycle wave ((II)) correction ended at 14.94. The ETF then has started a new bullish leg higher. Up from wave ((II)), wave I ended at 54.34 and pullback in wave II ended at 15.61. It then nested higher in wave III with wave ((1)) ended at 52.87 and pullback in wave ((2)) ended at 21.26. As far as the ETF stays above 15.61, expect the rally to resume higher again.
Silver Miners ETF Daily Elliott Wave Chart
Daily Elliott Wave Chart of Silver Miners ETF (SIL) above shows that the ETF nested higher in wave ((3)). Up from wave ((2)), wave 1 ended at 33.24 and dips in wave 2 ended at 22.57. The ETF then rallied higher in wave ((i)) of 3 towards 36.15. Pullback in wave ((ii)) is still ongoing and expected to find support in 3, 7, 11 swing before further upside. While pivot at 21.16 low stays intact, expect the ETF to extend higher again.
Source: https://elliottwave-forecast.com/video-blog/silver-miners-etf-sil-correction-progress/