PAAS correction concludes, bullish continuation expected

Pan American Silver Corp. (PAAS) is one of the world’s largest primary silver producers, with a diversified portfolio of mines and exploration projects across the Americas. Headquartered in Vancouver, the company has built a reputation for operational scale and resource depth, producing not only silver but also significant volumes of gold and base metals. Its long history in the sector, combined with exposure to multiple jurisdictions, makes PAAS a key player in the precious metals market and a closely watched stock among investors seeking leverage to silver prices.

PAAS monthly Elliott Wave chart

Pan American Silver (PAAS) completed wave ((II)) of the Grand Supercycle at the $5.70 low, marking a significant long‑term pivot. From that base, the stock advanced in wave ((III)), reaching an all‑time high of $69.99. The subsequent pullback in wave (IV) is proposed complete at $45.94, aligning with the 38.2%–50% Fibonacci retracement of wave ((III)). The stock has since turned higher in wave (V), though a decisive break above the wave ((III)) peak at $69.99 remains necessary to fully invalidate the risk of a double correction.

PAAS daily Elliott Wave chart

Pan American Silver (PAAS) began its rally from the February 13, 2024 low in an impulsive structure. Wave I peaked at $27.47, followed by a wave II correction to $20.55. The stock then advanced in wave (III) to $42.57, with wave IV pulling back to $33.08. Wave V extended to $69.99, completing wave ((III)) of the higher degree. The subsequent wave (IV) correction bottomed at $45.94, and the stock has since turned higher in wave (V). From wave (IV), wave ((1)) ended at $60.56, with wave ((2)) pulling back to $50.51. The next advance carried wave (1) to $64.94, followed by a wave (2) retracement to $52.22. While price remains above $20.55, the expectation is for the stock to continue extending higher.