The Miners delivered an important bullish signal on Monday.
The Miners closed above the 50 day MA, 200 day MA, and upper daily cycle band. This ended the daily downtrend, began a daily uptrend, and signaled that the ICL has been established.
However, the Miners were stretched above the 10 day MA on Monday. Tuesday’s pullback may be the beginning of consolidation, allowing the 10 day MA time to catch up to price.
The important development is that the Miners have transitioned into a daily uptrend. The question now is whether they can consolidate above support before resuming their advance.
A close below the lower daily cycle band would signal that the new daily uptrend has failed.
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