Cycle Trading: Miner inflection point
|The Miners have rallied close to 60% since printing the daily cycle low on March 16th. But on Thursday they hit an inflection point.
Thursday was day 8 for the daily Miner cycle and the Miners ran into resistance at a triple resistance of the converging declining trend line, 50 day MA and the 200 day MA. The formation of a swing high here would set the Miners up for a potential left translate daily cycle which would indicate a continuation of the intermediate cycle decline. However, a bullish break above this inflection point would signal that the Miners are early in a new intermediate cycle.
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