Cycle Trading: Miner Correction
|The Miners formed a daily swing high on Monday.
Monday was day 26 for the daily Miner cycle. That places the Miners in their timing band for a daily cycle low. The peak on day 25 assures us of a right translated daily cycle formation which gives us the expectation for the Miners to print a higher daily cycle low. There are 2 lower gaps that can potentially get filled. The upper gap will likely get filled during this correction. But there is a chance that the lower gap will remain unfilled.
The Miners should break below the 10 day MA and turn it lower before it forms its daily cycle low. Once the Miners close below the 10 day MA then we will look for a swing low to signal the new daily cycle. There are 2 obvious support levels where the daily cycle low could form, the 50 day MA and the 200 day MA.
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