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.