The Miners are in daily uptrend and are on day 7 of a new daily cycle which gives us bullish expectations.  But the big picture is that the Miners are on week 17 of their intermediate cycle and they are running into a multi year resistance level.  

GDX

 

A bullish break could see the Miners testing the 35 to 38 level.  However, with the Miners nearing their timing band for an intermediate cycle decline, rejection from this multi year resistance level will send the Miners seeking out their intermediate cycle low.

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