Pan American Silver Corp. (PAAS) is one of the world’s largest primary silver producers. It has a diversified portfolio of mining operations across the Americas.
With a headquarter in Vancouver, Canada, Pan American Silver was founded in 1994. It has grown through strategic acquisitions and exploration to operate mines in Mexico, Peru, Bolivia, Argentina, and Canada. Below we will look at the Elliott Wave technical outlook of the company.
PAAS Monthly Elliott Wave Chart
The monthly Elliott Wave chart of Pan American Silver (PAAS) confirms a Super Cycle wave ((II)) low at $5.70. From that generational pivot, the stock has launched into a robust Super Cycle wave ((III)) advance. Wave (I) of ((III)) culminated at $40.11 and wave (II) found firm support at $12.16. Wave (III) is now in force — having convincingly cleared the wave (I) peak and signaling the next explosive leg is underway. Every dip within wave (III) should attract buyers. As long as price remains above the $5.70 Super Cycle invalidation level, favor longs on weakness; the path of least resistance remains sharply higher in months and years to come.
PAAS Daily Elliott Wave Chart
The daily Elliott Wave analysis of Pan American Silver (PAAS) shows a classic five-wave impulse that originated from the February 13, 2024, low. Wave I terminated at $27.47, after which wave II retraced to a decisive support at $20.55. The advance has since transitioned into a wave III, characterized by nested impulses that consistently absorb selling pressure.
Within wave III, wave ((1)) concluded at $28.60, followed by a wave ((2)) correction to $22.08. Wave ((3)) higher ended at $42.57 and pullback in wave ((4)) is likely complete at $33.75. Wave ((5)) higher — and by extension the entirety of wave III—is presently unfolding to the upside. As far as pivot at $20.55 remains intact, pullback should find support after three, seven, or eleven swings.
Source: https://elliottwave-forecast.com/video-blog/pan-american-silver-paas-ready-to-extend/