The daily Miner cycle peaked on day 10 and formed a clear and convincing swing high on day 11. The break below the daily cycle trend line today confirms the daily cycle decline.
A peak on day 10 begins to shift the likelihood towards this daily cycle forming as a right translated cycle. However, the failure to regain the 50 day MA during this daily cycle indicates that the Miners are still caught in a downtrend.
This week is week 21 for the intermediate Miner cycle. The Miners did manage to form a swing low off the week 18 candle. However, the Miners failed to break above the declining weekly trend line and has been rejected by the 20 level. The Miners are still caught in an intermediate cycle decline. With today’s confirmation of the daily cycle decline it appears that the Miners are destined to printing another failed daily cycle, extending their intermediate cycle decline.