The previous daily cycle for the Miners broke above the 200 day MA and tagged the 50 day MA on day 9. Then the Miners declined into a failed daily cycle low. The current daily cycle saw the Miners get rejected by the 200 day MA on day 10 and then trend lower.
The previous daily cycle was a failed daily cycle. The current daily cycle formed a lower high and today printed the lowest point since the day 10 peak. The lower low today indicates that the Miners are about to enter into the final decline into its daily cycle low. Since the Miners are still in an intermediate cycle decline we can expect to see the Miners print another failed daily cycle.
Stocks also were weaker today.
The daily equity cycle peaked on Tuesday, day 21. A swing high formed on Wednesday and today saw stocks deliver more bearish follow through. Stocks broke below the daily cycle trend line and pierced the 50 day MA. The break of the daily trend line indicates that the daily cycle has begun its daily cycle decline.