Tick, Tick, Tick, Tick …

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http://postimg.org/image/iutni12mn/

Tuesday was day 22 for the daily Miner Cycle and the Miners printed a new daily cycle high.

gdx daily

http://postimg.org/image/6iqr4jerz/

A new high on day 22 assures us of a right translated daily cycle. Also, at 22 days, the Miners are in their timing band to print a daily cycle low. Which means that with each passing day the odds are more likely to see the Miners begin their daily cycle decline. Once the daily cycle decline begins, we can expect a brief decline that breaches the daily cycle trend line.

The Miners are also running into resistance.

GDX weekly

http://postimg.org/image/h4amgjl3j/

The weekly chart shows us that the Miners closed today right at the 50 week MA. With the Miners already in their timing band for a daily cycle low, I do not expect much more than a breach of the 50 week MA. Once a daily cycle low prints I expect to see the Miners regain the 50 week MA. There is still enough time in this intermediate cycle for the Miners to then make a run at the 27.50 level to print a higher weekly high.

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2 thoughts on “Tick, Tick, Tick, Tick …

    • Yes, quite big. Just remember that a big number like that late in the timing band is a warning, not a precise timing signal.

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