Cycle trading: Miner odds
|The Miners had been consolidating in a trading box for just over a month. They broke bearishly out of consolidation on Wednesday to form a failed daily cycle. Breaking below the previous DCL should trigger a bloodbath phase to the daily cycle decline that can last 5 to 7 days. Instead, the Miners delivered a bullish surprise by printing a bullish candle on Thursday.
The Miners formed a swing low on Monday, testing the lower consolidation level. If the Miners are rejected here that should lead to the bloodbath phase. However, at 27 weeks the Miners are very deep in their timing Band for an intermediate cycle low. So if the Miners can close back in the consolidation box then the odds would shift to this not only been a new daily cycle, but a new intermediate cycle as well.
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