Metals and miners are bouncing as the stock market and oil selloff. Yesterday’s weakness in miners looked like the beginning of a pattern breakdown. Today, miners are higher, and anyone that bought the bearish breakdown is underwater.
I remain focused on the last week of May for a probable cycle turning point. If stocks and oil continue to slump, then metals and miners may form cycle peaks at that time. Whatever the case, I believe the next potential trading setup in metals/miners will arrive next week.
-WTIC- Oil prices are collapsing sharply today (currently at $58.26 or down 5.20%). Initial support arrives between $57.00 – $58.00 – below that, and we could see $54.00 – $55.00.
