Cycle Trading: Miner Swing
|We recognized on Tuesday that conditions were becoming favorable for the Miners to print a daily cycle low. The swing low that formed on Thursday potentially marks day 1 for the new daily cycle.
The Miners printed their lowest point on Wednesday, day 16, which is a bit shy of the normal timing band for a daily cycle low. However Thursday's swing low caused the Miners to close convincingly above the 10 day MA which signals a new daily cycle. A break above the declining trend line is needed to confirm a new daily cycle. But with the 200 day MA just above the declining trend line, I would like to see a close above the 200 MA for confirmation of a new daily cycle.
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