Cycle Trading: Miner Leg Higher
|Thursday was day 21 for the daily Miner cycle and the Miners have broke out to new highs.
The Miners continue to close above the upper daily cycle band which indicates that they are in a daily uptrend. The Miners will continue in their daily uptrend until they close below the lower daily cycle band. But at 21 days the Miners have entered their timing band to seek a daily cycle low. And there are some bearish divergences that are beginning to develop. Still the Miners should continue on this leg higher until the dollar prints its daily cycle low.
Monday was day 28 for the daily dollar cycle. This places the dollar in its timing band to print a daily cycle low. Just as there are some bearish divergences developing with the Miners, we see that there are some bullish divergences developing with the dollar. A swing low and a break of the daily cycle trend line will confirm the new daily cycle.
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