The Miners found support off the 200 day MA on Tuesday and managed to close back above the 10 day MA. While these are bullish developments, the weekly charts still call for patience.
Week 33 remains as the Miners lowest point, placing them late in their timing band for an intermediate cycle low. The Miners cannot begin its next leg up until it begins a new intermediate cycle. A weekly swing low is needed to signal the new intermediate cycle. A break above 21.23 will form a weekly swing low. Then a close back above the 10 week MA will confirm the new intermediate cycle.