Elliott Wave View: GATO Should Extend Higher

Gatos Silver, Inc (GATO) engages in the exploration, development & production of the precious metals. It primarily explores the Silver Ores including Zinc, Lead, Copper & Gold Ores. It’s flagship asses is the Cerro Los Gatos mine located at the Los Gatos District in Chihuahua state, Mexico. It comes under Basic Materials sector & trades under GATO ticker at NYSE.

GATO - Elliott Wave View on Daily chart:

Since October-2020, GATO started the higher high sequence as impulse up & ended at $24 on 2/01/2021 high as wave ((1)). Below there it started dip correction as wave ((2)), which ended at $9.26 low on 4/19/2021 as around 0.854 retracement. It again started impulse up as (1) from $9.26 low & favored ended at $20.26 high on 6/10/2021. The correction of wave (2) against the cycle up from 4/19/2021 low favored ended at $10.70 low on 10/12/2021 as 0.854 retracement.

Since the major low at $5.78, it appears like nest structure in progress & expect to extend higher. Further upside will confirm only once it breaks above intermediate high $20.26 of (1) calling for further strength as the part of wave (3). Above $10.74 low, it proposed ended ((i)) at $13.48 high & below there it favors the correction of ((ii)) lower. It expecting one more leg lower in ((ii)) before turning up again. While dips remains above $10.74 low, it expect to extend higher in ((iii)) up of wave 1 red.

Source: Elliott Wave View: GATO Should Extend Higher