The Miners delivered a bullish break out today.
The Miners daily cycle peaked on day 24 and printed its lowest point on day 28. I originally labeled day 14 as a shortened daily cycle low, as outlined in the Weekend Report. However, a 28 day daily cycle low fits the Miners timing band better. Regardless, the clear and convincing trend line break confirms a new daily cycle.
A bullish break out can also be observed on the weekly chart.
The Miners had been capped at the 20 resistance level for the previous 5 weeks. And we were also awaiting a clear and convincing break of the declining weekly trend line to confirm a new intermediate cycle. The Miners broke above the 20 resistance level and broke above the declining weekly trend line today, confirming the new intermediate cycle.
But there is no rest for the weary. The Miners are now fast approaching the declining 50 week MA. It was this moving average the rejected the Miners during week 11 if the previous intermediate cycle.
The Miners will need to break above the declining 50 week MA to break the pattern of lower weekly lows. If the Miners fail to do this and are rejected by the declining 50 week MA, then that could send the Miners into its yearly cycle decline.