We discussed last night since the Miners are still shy of their timing band of a daily cycle low that we expected to see the Miners break lower. Well, the Miners did break lower today.
At day 16, the Miners are still two days shy of their timing band for a daily cycle low that can extend out to day 26. The task at hand now is to hunt for a swing low accompanied by a declining trend line break to signal a new daily cycle.
I believe that the Miners break lower was in response to the dollar breaking higher today.
The dollar broke out to new highs today. Wednesday was day 9 for the daily dollar cycle. The new high on day 9 begins to shift the odds of this daily cycle forming in a right translated manner. Still with this being week 25 our expectation is to still see a failed daily cycle form. That means that the dollar will need to reverse lower soon.