The Miners ran into resistance at the declining 50 day MA on Wednesday.
The Miners are being squeezed by the declining 50 day MA and the rising 10 day MA. A close back above the 50 day MA would signal that this is the first daily cycle of a new intermediate cycle. But bearish follow through and a break of the daily cycle trend line would indicate a continuation of the intermediate cycle decline. The Miners are in a daily downtrend. But a close above the upper daily cycle band will end the daily downtrend and begin a new daily uptrend.