Cycle Trading: Miner Breakout
Back on July 2nd we looked at the Miners.
The Miners were held under the 25 level for over 2.5 years until they finally closed above it late June. We discussed back then how the Miners were in the process of backtesting the breakout
Since July 2nd the Miners formed a weekly swing low, signaling a cycle band buy signal and then went on to deliver bullish follow through. This is only week 12 of the intermediate cycle. The new high on week 12 shifts the odds towards a right translated weekly cycle formation. Right translated weekly cycles typically peak from week 16 to week 20 so the Miners could potentially rally for another 4 to 8 weeks before declining into their intermediate cycle low. Currently the Miners are in a strong weekly uptrend. They will remain in their weekly uptrend unless they close below the lower weekly cycle band.
Reprinted from FXStreet，the copyright all reserved by the original author.
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