Silver Miners (SIL) Still Finding Bottom
Silver Miners (SIL) Still Finding Bottom
March 4, 2024 By EWFHendra
The silver miners ETF (SIL) is an exchange-traded fund that seeks to track the performance of companies primarily engaged in silver mining. By investing in SIL, investors gain exposure to a diversified portfolio of silver mining companies, offering potential benefits of capital appreciation and portfolio diversification within the precious metals sector. In this article, we will look at the Elliott Wave outlook for this ETF.
SIL (Silver Miners ETF) Monthly Elliott Wave Chart
SIL (Silver Miners ETF) Monthly Elliott Wave Chart
Monthly Elliott Wave chart of SIL above shows that the ETF ended all-time correction wave ((II)) at 14.94 in 2016. Up from there, the ETF rallied in a nest I-II-((1))-((2)). Wave I ended at 54.34 and wave II ended at 15.84. It then extended higher in wave ((1)) to 52.87 and pullback in wave ((2)) ended at 21.26. As far as SIL stays above 15.84, expect the ETF to extend higher again.
Silver Miners ETF Daily Elliott Wave Chart
Silver Miners ETF Daily Elliott Wave Chart
Daily Elliott Wave chart of Silver Miners (SIL) above shows that the ETF still trying to find the bottom. Pullback to 21.16 is proposed to complete wave ((2)). From there, the instrument rallied in 5 waves diagonal. Up from wave ((2)), wave 1 ended at 33.24 and pullback in wave 2 ended at 22.57. Internal subdivision of wave 2 unfolded in a zigzag structure. Down from wave 1, wave ((a)) ended at 24.91 and wave ((b)) ended at 26.55. Wave ((c)) lower ended at 22.57 which completed wave 2. The instrument then turned higher. Up from wave 2, wave ((i)) ended at 29.61 and pullback in wave ((ii)) ended at 22.58. As far as pivot at 21.16 low stays intact, expect the ETF to extend higher.
Silver Miners ETF (SIL) Elliott Wave Video
https://youtu.be/-T8E1s8Q2b8
SIL is not part of our regular service, but we cover Silver, Gold, and other commodities, ETF, Indices, Stock, and Forex. If you’d like to learn more about Elliott Wave or get regular updates, feel free to check our service and take trial here –> 14 days Trial
Source:https://elliottwave-forecast.com/video-blog/silver-miners-sil-still-finding-bottom/
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
