Loading ...Miners confirm a new daily cycle.
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The Miners delivered bullish follow through on Monday by closing above both the declining trend line and the 10 day MA to confirm day 46 as the daily cycle low. The Miners also closed back above the upper daily cycle band to renew its daily uptrend.
However we need to watch RSI. RSI pattern prior to peaking on day 42 was typical of the advancing phase of the intermediate cycle, with embedded periods of being overbought and quick reversals from oversold. But the pattern is changing. Notice how RSI reversed quickly form overbought on day 42 and embedded as it printed the day 46 DCL. If RSI reverses quickly again when it reaches overbought that would signal that the Miners have entered their declining phase for the intermediate cycle.
So we are off to the races again, leaving behind an abandoned baby in the gold ETFs.
That’s going to hurt anyone who sold in a panic.
Thanks, PK, for the post.
Hi Silver Fox. No I would not say that we are off to the races yet. We are just about to enter the “declining phase for the intermediate cycle.” The recent daily cycle was a very right translated one. Intermediate cycles end with a left translated daily cycle. So what we are seeing now is the last daily cycle of the longer term intermediate cycle. This daily cycle will likely top out by day eight, or sooner and will likely make a lower low than the previous daily cycle. Are you a Rambus subscriber? He also described tonight this consolidation though not referring to cycles.