Silver Miners (SIL) looking for a double correction

Launched in 2010, the Global X Silver Miners ETF (SIL) provides investors with diversified exposure to leading silver mining companies worldwide. By tracking the Solactive Global Silver Miners Total Return Index, it offers a straightforward entry into the sector through a single trade. The fund has become a useful vehicle for those seeking to participate in the performance of the broader silver mining industry without the need to select individual stocks.

SIL (Silver Miners ETF) monthly Elliott Wave chart

On the monthly Elliott Wave chart, SIL registered a new all‑time high in January, reinforcing a bullish outlook. A major low was established in January 2016 at $14.94, identified as Grand Super Cycle wave ((II)). From this foundation, the ETF advanced into the nesting phase of wave ((III)). The initial rally in wave I reached $54.34, followed by a corrective decline in wave II that bottomed at $16. The ETF then surged in wave ((1)) to $52.87, with the subsequent retracement in wave ((2)) ending at $21.26. A powerful advance in wave ((3)) carried prices to $119.24. The pullback in wave ((4)) is proposed complete at $69.68, after which the ETF resumed higher. A decisive break above $119.24 remains necessary to confirm continuation of the larger bullish cycle.

Silver Miners ETF daily Elliott Wave chart

On the daily chart, wave ((3)) has concluded, with wave ((4)) completing at $70.04 in a double three structure. From this low, SIL turned higher into wave ((5)). Within the rise, wave (1) peaked at $104.49. A retracement in wave (2) is unfolding, with potential support between $73.10 and $82.50, defined by the 100%–161.8% extension of wave W. This zone is expected to attract buyers and set the stage for the next upward leg.