Elliott Wave view: Early signs of bullish cycle in pan American Silver (PAAS)

Pan American Silver Corp. (PAAS) is one of the world’s leading primary silver producers, headquartered in Vancouver, Canada. With a diversified portfolio of mining operations and exploration projects across the Americas, the company not only delivers significant silver output but also produces gold and base metals. Its scale, jurisdictional breadth, and long track record in the sector make PAAS a key name for investors seeking exposure to precious metals.

PAAS monthly Elliott Wave chart

Pan American Silver (PAAS) completed wave ((II)) of the Grand Supercycle at the $5.70 low, establishing a major long‑term pivot. From that base, the stock advanced in a nested wave ((III)) structure. Up from wave ((II)), wave (I) peaked at $40.11, followed by a wave (II) correction to $12.16. The stock has since resumed higher within wave (III) as an impulsive sequence, with wave I topping at $69.99 and wave II retracing to $40.76. The expectation is for continued upside in wave III of (III).

PAAS daily Elliott Wave chart

Pan American Silver (PAAS) initiated its advance from the February 13, 2024 low in a clear impulsive sequence. Wave ((1)) reached $27.47 before a corrective wave ((2)) pulled back to $20.55. The rally then extended in wave ((3)) to $42.57, followed by a wave ((4)) retracement to $33.08. Wave ((5)) carried the stock to $69.99, completing wave I of the higher degree. A subsequent wave II correction unfolded as a double three, bottoming at $40.76. The stock then turned higher in wave III. From the wave II low, wave (1) advanced to $56, and the anticipated wave (2) pullback is expected to remain above $40.76, setting the stage for further upside.