Miners Confirm Major Decline

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The Miners closed below the upper daily cycle band and broke below the daily cycle trend line. This confirms that the Miners have begun their daily cycle decline.

gdx daily

A peak on day 5 assures us of a left translated cycle formation. Left translated cycle formations typically result in a cycle failure, confirming the intermediate cycle decline.

gdx weekly

The Miners have been rejected by the 200 week MA and are declining into an intermediate cycle low. Since the Miners printed a higher high this week, the earliest a weekly swing high can form will be next week. A weekly swing high and a break below the weekly trend line will provide further confirmation of the intermediate cycle decline.

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