Pan American Silver Corp. (NYSE: PAAS, TSX: PAAS) is a silver producer with mines and exploration projects across the Americas. It also produces gold and other base metals.
On the monthly Elliott Wave chart, wave ((II)) is said to have ended at $5.70. Wave (I) then climbed to $40.11, and wave (II) later dropped to $12.16.
Monthly Elliott Wave Structure
Within wave (III), wave I reached $28.60 and wave II pulled back to $20.55. Wave III then extended to $69.99, followed by wave IV down to $52.16.
The analysis says that as long as $5.70 holds, pullbacks may unfold as 3-, 7-, or 11-swing moves. These moves are treated as corrections within a larger uptrend.
On the daily chart, the move that starts on 28 February 2024 begins at $22.08. Wave I ends at $28.60, and wave II returns to $22.08.
Wave ((1)) rises to $42.57 and wave ((2)) falls to $33.08. Wave ((3)) reaches $55.85, wave ((4)) dips to $49.61, and wave ((5)) peaks at $69.99.
Daily Chart Levels And Options Framing
Wave IV then finds support at $52.16. The outlook keeps $22.08 as the key level, with 3-, 7-, or 11-swing pullbacks again used as the main reference.
Looking back at the 2025 structural analysis, the view was that Pan American Silver was in a long-term uptrend and that pullbacks could offer buying chances. That view has held up: the stock found support and now trades well above those correction lows. This strength also matches the spot price of silver, which has been consolidating for the past few months near $32 an ounce, a level that has been major resistance in the past.
For derivatives traders, this supports a bullish bias, which could make long call options appealing in the coming weeks. The key event to watch is a clear break above the prior high at $69.99, which could spark a fast move higher. By buying out-of-the-money calls that expire within the next quarter, traders can target this upside while keeping risk defined.
A more conservative approach is to sell bull put spreads. This strategy can profit if the stock stays above a chosen price level. It also fits the core idea that any corrective dips should be limited and should find support. Since the large 2025 correction ended at $52.16, traders can consider strikes above that level for the short put, aiming to collect premium while expecting stability or further gains.
This view is also supported by broader trends that have developed since last year. The Silver Institute’s latest data from late 2025 showed industrial demand for silver rose by more than 12%, driven mainly by growth in solar and electric vehicle production. Pan American Silver’s Q4 2025 earnings report also beat expectations, helped by higher realized metal prices and better operating efficiency at its key mines.
The main risk is the long-term pivot at $22.08. This level has been the base of the bullish structure since 2024. Any trades should be managed with this level in mind, because a break below it would invalidate the current uptrend view. Traders should watch price closely and adjust if the stock fails to hold its recent support areas.
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