The Miners broke below the previous daily cycle low on Wednesday to form a failed daily cycle and confirm the intermediate cycle decline.
Wednesday’s Mid-Week Update we discussed that breaking below the previous daily cycle low should trigger a bloodbath phase to the daily cycle decline that can last 5 to 7 days. That may not happen.
The Miners printed a bullish candle on Thursday that nearly recovered Wednesday’s sell-off. Thursday’s bullish candle eases the parameters for forming a swing low. A break above 38.91 forms a daily swing low. With the Miners in their timing band for a DCL, a swing low and close back in the consolidation box would signal a new daily cycle.
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