After being in decline since August, evidence is beginning to compile that points to a bottom being in.
The Miners delivered bullish follow through to daily swing low that formed last week. They closed above the 10 day MA and the lower daily cycle band on Tuesday, both which indicate that day 25 hosted the daily cycle low. We would still like to see a close above the previous daily cycle low of 20.07 for confirmation of the new daily cycle.
And there is more bullish evidence that appears on the weekly chart.
The Miners are in the process of forming a weekly swing low. Week 30 was the lowest point following the week 11 peak, which placed the Miners late in their timing band for an intermediate cycle low. With more and more evidence compiling that the daily cycle low is in, it also makes it quite likely that week 30 hosted the intermediate cycle low. A break of the declining weekly trend line will confirm the new intermediate cycle.