Cycle Trading

The Miners dropped for 3 straight weeks after peaking on week 8. The Miners lost both the 10 week MA and the 200 week MA in a convincing manner to signal the intermediate cycle decline. However, the Miners delivered a bullish surprise last week.

The Miners printed a bullish weekly candle to close back above the 200 week MA last week. Now the Miners are caught in between the 200 week MA and the 10 week MA. No trending move will be able to gain any traction until the Miners break out of this consolidation. The Miners are currently in a weekly uptrend. A bullish break out of consolidation will indicate a continuation of the weekly uptrend and signal a weekly cycle band buy signal. But a bearish break out of consolidation will likely send the Miners into completing their intermediate cycle decline.