The Miners closed below the upper daily cycle band and broke below the daily cycle trend line. This confirms that the Miners have begun their daily cycle decline.
A peak on day 5 assures us of a left translated cycle formation. Left translated cycle formations typically result in a cycle failure, confirming the intermediate cycle decline.
The Miners have been rejected by the 200 week MA and are declining into an intermediate cycle low. Since the Miners printed a higher high this week, the earliest a weekly swing high can form will be next week. A weekly swing high and a break below the weekly trend line will provide further confirmation of the intermediate cycle decline.