Major Opportunity for Miners — Revisited

June 30, 2013

On June 9th we discussed that a major opportunity for Miners was right around the corner.

https://likesmoneycycletrading.wordpress.com/2013/06/09/major-opportunity-for-miners/

I just want to add a few more thoughts.

First — The weekly Miner chart.

There are two things to point out here.

1) The weekly Miner chart is showing a bullish divergence between price and the weekly TSI
2) The weekly Miners left behind a weekly reversal candle. A break above 24.66 forms a weekly swing low. A break above the declining black trend line confirms a new intermediate cycle.

On to the daily chart.

After failed daily cycle after failed daily cycle, the Miners look ready to reverse the trend. Wednesday saw the Miners gap down. That was day 26 for the daily cycle, placing the Miners in the later part of the timing band to print a daily cycle low. Thursday saw a swing low form. And then there was Friday.

Friday saw the Miners fill that gap-down with an incredible 7.46% surge on the highest volume ever. That is a clear signal that a new daily cycle has begun for what is likely going to be the beginning of a new yearly cycle.

After such a pretty big surge on Friday, don’t be surprised to see the Miners give some back next week.

However, it does appear that on Friday the miners did through the switch …

5 responses to “Major Opportunity for Miners — Revisited”

PT

June 30, 2013

What weight do you give to both gold and the miners having just completed an abbreviated 11 week intermediary cycle and that we turn higher right now?

Reply
1. likesmoneystudies
  
  June 30, 2013
  
  My cycle count has gold at week 18 and the Miners at week 16.
  
  Both have entered the timing band for an Intermedaite cycle low.
  
  Reply
trondtveten

July 1, 2013

Very generally speaking commodities and gold declines during the 1st half of the year (more precisely from end of February till summer) and increases during the 2.half. Opposite w the stock-market and the dollar. Dollar is often very weak through July. Therefore all the bearish commodity signs pop up during the end of the tiresome 1.st half year decline. However both the metals, like copper and the soft commodities (wheat, sugar, coffee) + oil often bottoms and turn up around 1st of July. And today copper is reversing.. As well as the silver-gold ratio on Friday. Maybe the yearly commodity low is fastly approaching?

+The commodity chart feels bullish. A reverse HS w its right shoulder forming a falling wedge like here, – often very promising.

Reply
britefire

July 1, 2013

Vance, the art work on your site is fabulous.
Do you create those graphics?

Reply
1. likesmoneystudies
  
  July 1, 2013
  
  I am not sure who “Vance” is. But I create all all of my charts 🙂
  
  Reply