Cycle trading: Miner update
|We discussed on Monday that Miners confirmed their daily cycle decline. They delivered bearish follow through on Tuesday.
Tuesday was day 46 for the daily Miner cycle. Which places them in their timing band for a daily cycle low. The peak on day 42 assures us of a right translated daily cycle formation which should result in the Miners forming a higher low.
The Miners had been in a daily uptrend that was characterized by highs forming above the upper daily cycle band and lows forming above the lower daily cycle band. That changed on Tuesday because the Miners closed below the lower daily cycle band. Closing below the lower daily cycle band signals an end of the daily uptrend and the beginning of the daily downtrend. It also indicates that the Miners are beginning their intermediate cycle decline.
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