Like I warned in my last chart, it's too late to chase the move in miners. I was hoping we might get one more pop higher before the daily cycle correction began, but after today, it looks like it has probably already started.
Let me caution that daily cycle lows aren't complete until everyone freaks out. So if you are thinking of buying the dip, then it's still too early. You will know the correction is complete when it has dropped far enough that all thoughts of buying the dip are gone, and you are too scared to pull the trigger.
Just like I thought, the pop in oil was a fakeout, and it still has further to drop before the final daily cycle low is complete. I'd like to see at least a 50% retracement, and 62% isn't unusual.