Cycle Trading: Miner or Major Low
|The Miners printed a bullish reversal on Wednesday which eases th e parameters for forming a daily swing low. And with the Miners being late in their timing band for a daily cycle low, a swing low will signal a new daily cycle.
The bigger picture has the Miners at week 32, which places them deep in their timing band for an intermediate cycle low. The Miners did breach the weekly (blue) trend line, which has been our expectation for them in order to complete their intermediate cycle decline.
The Miners appear to be forming a bullish weekly reversal off of the dual support from the 200 week MA and the 50 week MA. If a weekly swing low forms here that would signal the not only is a daily cycle low forming, but the intermediate cycle low is forming as well. And if a weekly swing low forms above the lower weekly cycle band, then the Miners will remain in their weekly uptrend and trigger a weekly cycle band buy signal.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.