Silver Miners ETF (SIL) rides strong bullish wave

The Global X Silver Miners ETF (SIL), launched in April 2010, tracks the Solactive Global Silver Miners Total Return Index, offering exposure to silver mining companies like Wheaton Precious Metals and Pan American Silver. With over $1 billion in assets, SIL provides a volatile yet targeted investment option for those seeking to capitalize on silver price movements through mining equities. Below we will look at the Elliott Wave path of the instrument.

SIL (Silver Miners ETF) monthly Elliott Wave chart

The monthly Elliott Wave chart indicates that the Silver Miners Junior ETF (SIL) formed a Grand Super Cycle wave ((II)) low at $14.94 in January 2016. Since then, it has rallied strongly in a nested impulse structure. From the wave ((II)) low, wave I peaked at $54.34, followed by a wave II pullback to $16. Wave III is currently unfolding as another impulse. The rally from the wave II low completed wave ((1)) at $52.87. A subsequent dip in wave ((2)) concluded at $21.26. As long as the $16 pivot low holds, the ETF is expected to continue its upward trajectory.

Silver Miners ETF daily Elliott Wave chart

The daily chart for the Global X Silver Miners ETF (SIL) shows a rally from the September 1, 2022 low is unfolding as a nested impulse structure. From this low, wave (1) peaked at $33.24, followed by a wave (2) pullback to $22.57. The ETF then extended higher in wave (3), structured as another impulse. Within wave (3), wave 1 concluded at $42.29, with a wave 2 pullback ending at $31.37. In the near term, as long as the $31.37 pivot low remains intact, the ETF should continue its upward trend.