Here's my 2 cents on the miners. Based on the last 7 months or so, it looks like we had 2 cycles and are currently in a 3rd. They range about 109-137 days. In each of these waves you can see three minor waves. If we are currently in the 3rd wave of the 3rd cycle then I would expect it to be LT and drop fairly soon. It shouldn't take out the highs of April unless there is a new trend higher happening? The peaks at "1" have each been lower than the previous, where the lows have all been about the same. I'm really not sure what to make of all this, just sharing...........
Note
Notice this pattern (inverse to gold now) and how it played out with XLE.Note
Now the inverse pattern to XLE. Very similar, we may see gold and miners go lower soon. I expect this is a 4th or 5th DC, and the ICL is still a month away.Note
Dollar keeps pushing higher, this will hold the miners down. I expect the upper trend line, $94.50 ish.Note
Sorry, wrong chart
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.