Cycle Trading: Miner Rejection
|The Miners formed a daily swing high on Thursday. Thursday's swing high caused the Miners to close below both the daily cycle trend line and the 10 day MA to signal the daily cycle decline.
But I think that something more sinister than a daily cycle decline is unfolding.
The Miners are forming a bearish weekly reversal candle this week at a multi year resistance zone.
This is week 18 for the intermediate Miner cycle, placing them in their timing band for an intermediate cycle decline. If the Miners are rejected by the multi year resistance level and form a weekly swing high next week, that will signal the intermediate cycle decline.
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