Cycle Trading: A Miner Downtrend
|The Miners formed a swing high on Monday.
Monday's swing high broke below the daily cycle trend line to close below both the 50 day MA and the 10 day MA. This signals that the daily cycle is now in decline.
Monday was day 10 for the daily Miner cycle. A peak on day 9 can often result in a left translated daily cycle formation. A break below the previous daily cycle low of 22.91 would form a failed daily cycle and confirm that the intermediate cycle is in decline.
The Miners began to close below the lower daily cycle band prior to printing the day 59 DCL. Since the Miners failed to close above the upper daily cycle band before forming their daily swing high, they remain in their daily downtrend. The Miners will continue in their daily downtrend until they can close back above the upper daily cycle band.
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