The Miners printed their lowest point last Tuesday, 10/11, following the day 2 peak. While a daily swing low formed the following day, we were waiting on a bullish signal to indicate a new daily cycle. The Miners delivered some bullish signals on Tuesday.
The Miners rallied on Tuesday and managed to close a full candle above the 200 day MA. The Miners also closed above the lower daily cycle band and delivered a bullish zero line crossover on the True Strength Indicator, both signaling that a new daily cycle has begun. A break of the declining trend line will provide confirmation of the new daily cycle.
Then Miners also delivered a bullish weekly signal on Tuesday.
The Miners printed their lowest point last week following the week 11 peak. Last week was week 20, which places the Miners right in their timing band to print a intermediate cycle low. The Miners broke above the last week’s high on Tuesday, forming a weekly swing low and regaining the 200 week MA. Barring a sudden collapse, the Miners appear to have formed an intermediate cycle low.