Pan American Silver (PAAS) pullback in progress

Silver (XAGUSD) is currently correcting cycle from 9.1.2022 low. Unsurprisingly, silver miners also see the same pullback. For Pan American Silver (PAAS), the pullback is still ongoing to correct cycle from 11.9.2022 low at 13.39. As long as this level holds, there’s a chance that the stock can soon find support and turns higher. Below we update the outlook for the stock.

PAAS monthly Elliott Wave chart

Monthly chart of PAAS above shows that the stock has ended all-time correction with wave ((II)) at 5.32. Up from there, stock has rallied in a new impulsive bullish leg with wave (I) ended at 40.11. Wave (II) low is also proposed complete at 13.4 on November 2022. Stock should resume higher in the next months to come while above wave (II) low at 13.4, but more importantly above wave ((II)) at 5.32.

PAAS daily Elliott Wave chart

Daily Chart of Pan America Silver (PAAS) above suggests that the stock may have ended correction to cycle from January 2016 low at $13.39. We label this low as wave (II). Up from there, the stock has started a new leg higher as an impulse which ended wave ((1)) at 19.22. Pullback in wave ((2)) is in progress to correct cycle from 11.9.2022 low and can potentially retest this level at 13.39 before the stock turns higher. As far as pivot at 13.39 low stays intact, expect the stock to find support soon for the next leg higher.

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.