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The 4-hour chart shows price action fast approaching the bottom of a fresh cloud at 5172. It would take a strong spike for the top of the cloud to be hit at 5241. With the bearish look of the cloud in to the future, this market is preparing for what is going to be a sharp reversal. Whether it will be officially back in the DOWN, remains to be seen. Things promise to start getting volatile. The 4845 target I mentioned in a previous post promises to be hit on this leg. It has the potential oh hitting 4666 on a spike low and still not returning to he downtrend.
Let me clarify something on that recent comment. All TL's, if drawn correctly, when they are broken, there is a strong candle through it (As an example, watch for how 5011 will be taken out.), and the there is a correction back to that point. The level is containment is anywhere from the point of the break to the TL, itself, thus 4666. I mentioned that, because I did not want anyone to think I stole a page out of Sudoku's book, because that is his exact target.