Cycle Trading: Miner Smackdown
|The Miners were smacked down on Tuesday.
When the dollar lost the 200 day MA on Friday it looked as if the dollar was heading towards a failed daily cycle. But with the dollar rallying the last 2 days (due to, in my opinion, the currency wars) that caused the Miners to break lower.
The Miners peaked on day 12 and then were rejected by the 50 day MA, forming a swing high. On Tuesday they close convincingly below the 10 day MA and the daily cycle trend line to confirm the daily cycle decline. This also places the Miners at risk of forming a failed daily cycle. A break below 26.18 forms a failed daily cycle.
In the Mid-Week Update I plan to discuss the ramifications to the longer term intermediate cycle if the Miners form a failed daily cycle.
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