Silver Miners ETF (SIL) has turned higher

SIL (Silver Miners ETF) is a financial product designed to mirror the performance of silver mining companies. It offers investors a straightforward way to gain exposure to the silver market without directly purchasing physical silver or individual mining stocks. SIL diversifies risk by spreading investments across multiple companies within the sector, potentially providing a hedge against volatility in silver prices. In this article, we will look at the Elliott Wave outlook for the ETF.

SIL (Silver Miners ETF) monthly Elliott Wave chart

Monthly Elliott Wave chart of SIL above shows that wave ((II)) ended at 14.94. This completed the all-time correction in the ETF. From there, it has started to turn higher in a nesting impulse. Up from wave ((II)), wave I ended at 54.34 and dips in wave II ended at 15.61. Wave III higher is in progress as another impulse in lesser degree. Up from wave II, wave ((1)) ended at 52.87 and pullback in wave ((2)) ended at 21.26.  Near term, as far as pivot at 15.61 low stays intact, expect the ETF to extend higher.

Silver Miners ETF daily Elliott Wave chart

Daily Elliott Wave Chart of Silver Miners ETF (SIL) above shows that it has started the next leg higher after retesting 21.16 low. Up from wave ((2)) low at 21.16, wave 1 ended at 33.24 and dips in wave 2 ended at 22.57. The ETF has turned higher in wave 3. Up from 22.57 low, wave (i) ended at 29.61 and dips in wave (ii) ended at 22.58. Wave (iii) higher ended at 33.47. Near term, as far as pivot at 21.16 low stays intact, expect pullback to find support for further upside.