The Miners delivered a bullish surprise on Thursday.
The Miners appeared to peak on Friday, 2/12. Friday was day 18 and the Miners just entered their timing band to seek a daily cycle low. On Tuesday, the Miners formed a convincing swing high that saw the Miners lose 8.65% on the day. With the True Strength Indicator rolling over, it looked like the Miners were beginning their daily cycle decline.
The Miners found support at the 10 day MA and posted a slight gain on Wednesday. Then today the Miners closed up over 6% for the day. It is worth noting that when the Miners were caught in the grip of its bear market decline, surprises came to the down side. Now that the Miners seem to be emerging from its bear market we are starting to see surprises coming to the bull side.
Thursday was day 21 for the daily Miner cycle. Since the dip on 2/16 did not break below the daily cycle trend line it does not qualify as a daily cycle low. It looks like the Miners are making one more push higher that will extend the daily cycle.