The market reversed at exactly my WR3, which of course is the peak for the week, rather than hitting the cloud and taking the bounce from there.
The market ended the week with a slight correction of the DOWN that is clearly visible on the 5-min, and will continue to its kijun at 5484. A containment level to start the week should be the hourly tenken at 5508.
Once the move DOWN has been completed, the market appears as if it will go sideways for awhile. It will be at that point that the various TF's are going to have a mind of their own. The objectives on the daily have been hit, namely the tenken and kijun. The weekly tenken at 5687 has not been hit, but the way to the point promises to be filled with briars and thistles.
If I traded Nifty, It was the kind of market I would have really enjoy the run south on from the 6000's, and then the bounce at 5222, and then this reversal. Afterward, I would have just thanked the market for all the many wonderful ticks it loaded my account up with, and then moved on. This is why for my trading pleasure I follow 28 markets. If opportunity does not come knocking in one market, it sure will in another.
What you saw in Nifty as it dropped form 6000 was a very predictable move, because the trifecta (daily, weekly, and monthly) was agreeing. The drop to the weekly cloud was very predictable, because of how sharply OB the trifecta was. The move back UP was predictable, because the weekly cloud is strong support. The bounce back was seen because of the strong bearish 4-hour cloud, and it was the market's first trip in the direction, so the cloud was strong R. It has actually not been hit yet, which is also adding some sideways implications for next week.
Also, the question then is, "So when the market goes sideways, then there are no trading opportunities, right?"
That is not true, as long as there is life in the market (Namely, moving.), it is providing trading opportunities. This is where you tone the microscope down to the 4-hour, hourly, and even the 15-min charts to spot the opportunities. Sideways markets present channels, which are real nice-- hit the bottom of the channel, then go long; hit the top of the channel, go short.
The thing to keep in mind is that in the bigger picture, the weekly is probably not done with its move to 5687, and the monthly has a lot to say about a move south.