The Miners printed their lowest point on Friday, following the peak on day 11.  Friday was day 18, placing the Miners in the early part of its timing band for a daily cycle low.

GDX

The Miners formed a swing low and closed above the 10 day MA on Tuesday to indicate a new daily cycle. So while the Miners are in the early stages of a new daily cycle they are on week 20 for their intermediate cycle. And allowing 6 to 8 weeks for the new daily cycle to run its course will bring the Miners deep in their timing band for an intermediate cycle low.  Therefore we are suspicious that this new daily cycle will left translate and failed to usher in the intermediate cycle low.

The daily chart shows a bearish divergence on the oscillators at (1) and that the Miners closed below the lower daily cycle band at (2). The weekly chart, which I will detail in the Weekend Report, shows that last week the Miners formed a weekly swing high and closed below the 10 week MA.  The these are all indicators that the Miners have begun their intermediate cycle decline.

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