Last Thursday we looked at the Miners and observed that they formed a daily swing low to signal a new daily cycle.
On Monday the Miners formed a weekly swing low.
The Miners printed their lowest point last week, which was week 28, to place them deep in their timing band for an intermediate cycle low. Forming a weekly swing low signals a new intermediate cycle. A break of the declining weekly trend line will confirm the new intermediate cycle. The Miners are in a weekly uptrend. Since the weekly swing low formed above the lower weekly cycle band — they will remain in their weekly uptrend and trigger a weekly cycle band buy signal. A break above the multi year resistance level indicates a resumption of the bull market.
