When we last discussed the Miners we observed that Tuesday’s bullish reversal could potentially signal the daily cycle low. Tonight we will review their progress.
The Miners followed Tuesday’s bullish reversal by forming a daily swing low on Wednesday. Tuesday was day 20, placing the Miners in the early part of its timing band for a daily cycle low. Wednesday’s swing low signals a new daily cycle. On Thursday the Miners delivered bullish follow through by closing above the 10 day MA. The Miners also delivered a bullish crossover on the True Strength Indicator, which is another signal that Tuesday hosted the DCL. A close above the declining 50 day MA will have us label day 20 as the daily cycle low.