4xpipcounter;526145
I mentioned in the other post that containment should be 5373 said:
the market becomes a little unpredictable[/B], and where we can expect some sideways action. The 4-hour tells many stories. The kijun was not hit, and neither was the WS1 (missed by 3 points). The bottom of the cloud was not hit. In spite of the strong close, this all points to a move further south.
The hourly (not posted) is showing a strong bounce off the top of the cloud with the stochastics OS and a perfect cross. That is bullish.
Also, and as per a previous conversation, the candle is approaching the 200 MA on the hourly, and the last time price was above it was Jan. 8th. That is favored to be broken, but I don't know how imminent.
Because of the OS condition on the weekly and the bounce off the top of the cloud, it is still favored that the tenken be hit currently at 5687. That should is shaping up as a strong reversal point. The daily is getting OB. The 200 MA is 5637, and all spikes are allowable, so we could get a move to 5687 during a day, and then a strong move back under 5637 during the same day. That area is shaping us as containment for the next move south.
For now, price is trying to decide what to do with the 4-hour cloud, as it is strong R on the initial approach. Wait for reaction, and then additional latitude will be enabled once the candle has entered the cloud. For now, we travel east until the cloud has been broken into.