A look at the 4-hour suggests it is ready to stage a comeback, as the market has reversed with pinpoint accuracy at the top of the cloud. Most likely, that indicates a temporary reprieve of the DOWN, as it will probably challenge the recent peak at 34.38, then get back in its journey south. As long as it is not touched, then we have a 1-2-3 formation on its TF, then we loook for 32.93 to be broken, then it send the market plummeting under the daily tenken, and then a more MT reversal ensues on the weekly as it is hugging around the bottom of the cloud.
The top of the daily cloud at 30.91 will be strong containment, as the kijun will join it at that level. If it is pierced, then we are most likely back in the MT DOWN as we head to 28.92. Momentum is starting to favor the weekly, so it is not likely we hit the latter point.
Sir Silver is challanging the recent peak as u have analysed. Here i have few questions in mind
1. On daily charts price was above Tenkan and there was gap in kijun and tenkan and Kumo was almost flat while both tenkan and kijun was rising
all this was suggesing that momentum is there for upside but we have travelled some distance from the kumo so we should see other time frame for possible action. Flat kumo of the past will resist any up move at 34.70
2. On weekly Charts Price is hittng the Cloud that is thick. Last week cloud has sucessfully resisted any upmove. Kijun is flat liitle above in the clould and should act as resistance for any effort to break through the cloud. Chinkou is nicely burried under the candles. So there shoud not be any upmove any effort will be resisted strongly at 35.10 and will be pushed back
3. on 4H chart Tenkan crossed kijun above the cloud and he price broke the boundary of the cloud. Cloud was thick too Chinkou was also below the candles
This was sugesting a move down towards 32.75 or even 32.18 as per the 4H chart
4. on 1H chart Price was below the cloud and at one stage when 4H clould was broken it was below tenkan kijun kumo with kijun being flat. Here i was think the kijun on Hourly will act as resistance for any upmove which will be in confluence with weekly cloud helping the same and 4H cloud break should have not allowed the price to escape
Your views before all that happened was that price should chalange reacent peak and it is acting as you have perdicted
My question is what i was missing in my analysis when price has broken 4H cloud and it was below tenkan kijun cloud kumo oh hurly chart about 15hours back (early morning your time)
Regards