Miner Disappointment

We discussed yesterday that Wednesday’s narrow range day had eased the parameters for forming a swing low. And with the Miners being late in their timing band for a DCL that a swing low had good odds of marking the daily cycle low.

The Miners did delver a buy signal on Thursday by forming a swing low (a stop should be placed below Wednesday’s low). What was disappointing was after forming a swing low, the Miners closed lower for the day.

Wednesday, day 28, is still the lowest point following the day 6 peak. That places the Miners deep in their timing band for a DCL. Day 28 may still be the DCL, the Miners will need to close convincingly above the declining trend line to confirm. However, if the Miners break below Wednesday’s low then honor your stop and wait for the next Miner set up.


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