Sprott Physical Silver Trust (PSLV) Near Support Area
PSLV, the Sprott Physical Silver Trust, is a closed‑end fund that gives investors direct exposure to physical silver bullion. Unlike derivative products, it holds allocated silver bars in secure vaults, offering a transparent way to track silver prices. Many investors use the trust as a hedge against inflation, currency weakness, or to diversify portfolios with tangible precious metals.
PSLV Weekly Elliott Wave Chart
The weekly chart highlights that PSLV carved out a significant wave ((II)) low at 6.13 on August 29, 2022, setting the stage for a robust impulsive advance. From this foundation, wave I surged to $11.77 before a corrective wave II retraced to $9.60. Momentum then carried the instrument higher in wave III, reaching $33.25, followed by a wave IV pullback that settled at $29.56. The final push in wave V peaked at $38.13, thereby completing wave (I) of a higher degree.
Currently, the market is engaged in a corrective wave (II), unfolding as a double three structure. From the wave (I) peak, the initial leg w declined to $23.28, while the intervening rally in wave x lifted prices to $31. The subsequent wave y is now progressing lower, targeting the extreme blue box zone between $12.79 and $16.27. Completion of this area should finalize wave (II) at the higher degree, creating conditions for renewed buying interest and setting up at least a three‑wave recovery from that support region.
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