PAAS Elliott Wave forecast: Riding higher in wave III [Video]
|Pan American Silver Corp. (PAAS) is a leading precious metals mining company headquartered in Vancouver, Canada. The compnay specializes in the exploration, development, and production of silver and gold. Operating primarily in the Americas, the company owns and manages a portfolio of high-quality mines in countries such as Mexico, Peru, Bolivia, and Argentina. Below we will look at the Elliott Wave technical outlook for the company:
PAAS monthly Elliott Wave chart
The monthly Elliott Wave analysis for Pan American Silver (PAAS) indicates that the stock completed wave ((II)) of the grand super cycle degree at $5.89. It has since begun rallying in wave ((III)), which is unfolding as an impulse. From the wave ((II)) low, wave (I) peaked at $40.11, followed by a corrective wave (II) that bottomed at $12.16. The stock has resumed its upward trajectory in wave (III). Within this wave, wave I reached $28.60, with a subsequent wave II pullback concluding at $20.55. As long as the $5.89 pivot low remains intact, expect pullbacks to attract buyers in a 3, 7, or 11-swing structure, supporting further upside potential.
PAAS daily Elliott Wave chart
The daily Elliott Wave analysis for Pan American Silver (PAAS) indicates that the rally from the February 13, 2024, low completed wave I at $27.47. It was then followed by a wave II pullback that ended at $20.55. The stock has since resumed its upward trend in wave III, unfolding as an impulse. From the wave II low, wave ((1)) peaked at $28.60, with a corrective wave ((2)) concluding at $22.08. The stock then continued higher, with wave (1) reaching $31.03 and a wave (2) pullback ending at $26.77. In the near term, as long as the $20.55 low holds, expect pullbacks to find support in a 3, 7, or 11-swing structure, favoring further upside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.