Miner Anticipation

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Thursday was day 17 for the daily Miner cycle and the Miners printed a new high. The Miners are 1 day shy of their timing band for a daily cycle low. A swing high and a break of the daily cycle trend line will confirm the daily cycle decline. A break below 17.77 forms a swing high.

gdx

Since the daily Miner cycle can stretch out to day 28, there is still time in the daily cycle for one more leg higher. However, the 151 Million SOS on Wednesday & 550 Million SOS today suggest that the Miner’s correction is near. I suspect that the Miners will close the gap that was left behind. I think that once the dollar begins to rally, that will trigger the anticipated Miner correction.

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Thursday could be day 10, I think it is likely that is day 22 for the dollar’s daily cycle. A day 22 count places the dollar in its timing band for a daily cycle low. A swing low and trend line break will confirm a new daily cycle.

This drop by the dollar leaves no doubt of its intermediate cycle decline. But I believe something much bigger is unfolding with the dollar. I discuss this in the Special Report on the Status of the Dollar.

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