Sprott Physical Silver Trust (PSLV) surges to a new all‑time high

Sprott Physical Silver Trust (PSLV) is a closed-end fund managed by Sprott Asset Management. It provides investors with direct exposure to physical silver bullion. Unlike synthetic products, PSLV is fully backed by allocated silver bars. Below we will look at the long term Elliott Wave technical outlook of the instrument:

PSLV weekly Elliott Wave chart

The weekly chart indicates that PSLV established a major wave (II) low at 6.17 on August 29, 2022, which marked the beginning of a sustained impulsive rally. From that base, wave I advanced to 11.77, followed by a corrective wave II that bottomed at 9.61. The current wave III is unfolding as an impulse. Wave (1) peaked at 11.75 and pullback in wave (2) retraced to 9.97. The instrument then extended sharply in wave (3) to 18.15. Afterwards, wave (4) corrected to 15.06. A final push higher in wave (5) should happen, which should complete wave ((1)) of III at the larger degree.

Once this initial sequence concludes, a corrective wave ((2)) is expected to retrace the cycle from the December 16, 2024 low, before the broader uptrend resumes. As long as the 6.17 pivot remains intact, the bias stays firmly bullish. Any pullback should provide a buying opportunity within the familiar 3, 7, or 11 swing sequences.