Last Thursday we looked at the Miners and discussed how they were forming a bearish weekly reversal candle at the multi year resistance zone.

fxsoriginal

Last week was week 18 which places the Miners in their timing band for an intermediate cycle decline.

This week' chart (below) shows that the Miners are delivering bearish follow through.

GDX

The Miners have formed a weekly swing high and they are breaking below the 10 week MA signaling that the intermediate cycle decline has begun.  At 19 weeks, the Miners can decline for another 3 to 6 weeks before forming its intermediate cycle low.

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