Silver Miners ETF (SIL) surges to all-time high on impulsive breakout

The Global X Silver Miners ETF (SIL) offers investors exposure to a basket of companies engaged in silver mining worldwide. Launched in 2010, the fund seeks to replicate the performance of the Solactive Global Silver Miners Total Return Index. This gives investors efficient access to the sector in a single trade. In this article, we will look at the Elliott Wave technical outlook for the ETF.

SIL (Silver Miners ETF) monthly Elliott Wave chart

The monthly Elliott Wave chart of the Silver Miners ETF (SIL) shows that wave ((II)) of the Grand Super Cycle concluded at $14.94 in January 2016. From that low, the ETF has advanced in a nesting impulsive structure. Wave I rose to $54.34 before a corrective wave II retraced to $16. The next nesting sequence carried wave ((1)) to $52.87, followed by wave ((2)) at $21.26. As long as price remains above $16, any pullback is expected to find support within the 3, 7, or 11 swing sequence, setting the stage for continuation higher in wave ((3))

Silver Miners ETF daily Elliott Wave chart

The Daily Elliott Wave chart of the Silver Miners ETF (SIL) shows that the rally from the October 4, 2025 low is unfolding as an impulse. Wave 1 peaked at $42.29, followed by a corrective wave 2 that bottomed at $31.37. The ETF then advanced in wave 3 to $80.72, before a wave 4 pullback ended at $61.80. In the near term, as long as the $31.37 pivot low remains intact, SIL should extend higher to complete wave 5 of (3). Afterwards, a larger corrective pullback should unfold to retrace the cycle from the October 4, 2025 low.