Miner Resistance


The intermediate Miner cycle peaked in May and printed its lowest point in early September. While the Miners have rallied off the lows, they are still meeting stiff weekly resistance.

8 gdx weekly

It is unclear if week 26 hosted an intermediate cycle low or not. While the Miners are in a new daily cycle since printing that low, they are still being contained by the declining weekly trend line. The Miners will remain in the weekly down trend until they can break convincingly above that trend line.

8 gdx daily

The current daily cycle broke above the upper daily cycle band and peaked on day 5. A swing high formed on day 6, as the Miners closed below the upper daily cycle band. The Miners have since managed to remain above the lower daily cycle band, but have lost the 10 day MA. The peak on day 5 has locked in a left translated nature to this daily cycle. With Tuesday being day 12, the Miners are 6 days shy of entering their timing band for its daily cycle low and appear to be declining into their daily cycle low.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s