Miner Confirmation

The Miners formed a bullish engulfing candle on Wednesday.  

The Miners printed their lowest point on Wednesday, day 25, placing them in their timing band for a DCL. Wednesday’s bullish engulfing candle closed back above the 50 day MA which may have marked the DCL. While the Miners formed a swing low on Thursday, we really need to see a close above the declining trend line to signal the new daily cycle.

Then the Miners will need to close above the 200 day MA in order for a trending move to develop.

Miner Support

The Miners formed a swing low on Wednesday and a bullish engulfing candle on Friday to signal a new daily cycle.

On the weekly chart — the Miners formed a bullish weekly reversal this week at support from the 50 week MA. Only once in the past 5 years did the intermediate Miner cycle stretch past 32 weeks — and that one ran 33 weeks. So at 36 weeks, once a weekly swing low forms it should signal the new intermediate cycle. A break above 35.57 will form a weekly swing low. The Miners did close below the lower weekly cycle band to end its weekly uptrend and begin its weekly downtrend. Closing below the lower weekly cycle band indicates that the Miners are seeking out their yearly cycle low.

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