The Miners have been consolidating the past 4 sessions after becoming stretched above the 10 day MA as a result of rallying strongly into the year's end.

GDX

Monday was day 35 for the daily Miner cycle.  That places them late in there timing band for a daily cycle low.  There are bearish divergences developing on the oscillators which usually precede a daily cycle decline.  A break below 29.01 will form a daily swing high to signal the daily cycle decline.  

Chart

The bigger picture is that the Miners are pushing up against a multi year resistance zone.  With the Miners being late in their timing band for a daily cycle decline, the Miners will likely need to print a daily cycle low before any breakout can be sustained.

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