Pan American Silver (PAAS) has resumed bullish cycle

Elliott Wave Forecast Team ElliottWave-Forecast.com

Pan American Silver Corp. (PAAS) is a Canadian mining company headquartered in Vancouver, British Columbia. It focuses on the exploration, development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines across the Americas. Below is the long term Elliott Wave technical update of the stock.

PAAS monthly Elliott Wave chart

Monthly Elliott Wave chart of Pan American Silver (PAAS) above shows the stock has ended Grand Super Cycle wave ((II) correction at 5.32. It has since turned higher in wave ((III)) as an impulse. Up from wave ((II)), wave (I) ended at 40.11 and pullback in wave (II) ended at 12.16. As far as pivot at 5.32 low stays intact, expect the stock to extend higher.

Daily Elliott Wave Chart of PAAS above shows that the stock ended wave (II) at 12.18. Up from there, wave (III) is in progress as a 5 waves impulse. Up from wave (II), wave I ended at 24.27 and pullback in wave II is proposed complete at 17.86. The stock still needs to break above wave I peak at 24.27 to rule out a double correction. As far as pivot at 12.18 low stays intact, expect pullback to find buyers in 3, 7, or 11 swing for further upside.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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