Sprott Physical Silver Trust (PSLV) long term bullish outlook [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The Sprott Physical Silver Trust (PSLV) is a closed-end fund designed to provide investors with a secure and convenient way to invest in physical silver bullion. Launched by Sprott Asset Management, PSLV holds nearly all its assets in physical silver, stored in secure vaults, and its stock price closely tracks the spot price of silver. Below we will look at the long term Elliott Wave technical outlook of the instrument:

PSLV weekly Elliott Wave chart

Sprott Physical Silver Trust (PSLV) Weekly outlook above suggests that the instrument formed major wave (II) / (b) low at 4.34 on March 2020. From there, it has started an impulsive rally higher. Wave I ended at 10.46 and pullback in wave II ended at 6.16 as an expanded flat structure. Wave III higher is now in progress as an impulse. Up from wave II, wave (1) ended at 8.4 and wave (2) dips ended at 6.85. It is then nesting higher with wave 1 ended at 8.99 and wave 2 pullback ended at 7.08. Wave 3 higher ended at 10.88 and pullback in wave 4 ended at 9.12. Final leg wave 5 ended at 11.77 which completed wave (3) in higher degree. Pullback in wave (4) ended at 9.6. The instrument should see further upside while dips stay above 6.16 low.

PSLV [Video]

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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