The intermediate cycle for the Miners peaked in March on Week 12. The Miners broke below the 50 week moving average in week 14 and has been contained by it since.

gdx weekly

The lowest point since the week 12 peak printed in week 18 at 23.04. The Miners are in the later stages of their daily cycle and are currently on week 22 for the intermediate cycle. At 22 weeks the Miners are in the timing band to print an intermediate cycle low. So when the daily current daily cycle forms a daily cycle low, it is likely that it will also mark the intermediate cycle low. And unless there is an utter collapse by the Miners this intermediate low should print well above the previous intermediate low, breaking the pattern of lower weekly lows by forming a higher intermediate low.

GDX Sharp Charts Workbench Stock Charts com 20

The previous daily cycle peaked in mid-April and formed a low on April 21st. The current daily cycle peaked on day 10, forming a lower daily cycle low. The Miners are now declining into their daily cycle low. Being late in the intermediate cycle and following a failed daily cycle sets up the expectation to see the current daily cycle fail. A break below 23.04 produces another failed daily cycle. I am looking for one more push to break below the previous daily cycle low to form one more failed daily cycle. Then a swing low should mark the daily cycle and intermediate cycle low.


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