FR.TO printed its intermediate cycle low in September of 2019, 5 weeks prior to GDX, XAU et al. This places it in week 24 of its previous IC, and from my perspective, a strong candidate to lead the coming IC in the miners. Taking into consideration this false break down and recovery of its long term trend line, I think the IC has been printed on AG/FR.  I believe the miner indexes and ETFs will print another left translated DC before printing their ICL/YCL’s, in the form of a 4 or 5 week double bottom, with marginally lower lows from last week.

Purely speculative, as FR hasn’t confirmed a new DC, let alone a new IC.