I see an "M" forming. Again, I do not like necessarily basing my analysis on patterns, but this is an additional signal to the oscillators, bands, and clouds.
Given the downward trend in the daily, I believe there is a good chance the hourly candle dips again due to its proximity to the cloud (as resistance)
The next two candles will be important in determining direction. The current hourly candle (8:50AM EST) showed signs of a rejection, but the battle continues.
I would like to look for a bit more confirmation in some main signals.
1. Looking for higher lows in proximity to the (teal bands). Need a close in today's candle for better confirmation
2. Bear cloud in the hourly chart serves as a possible bounce point.
3. If the Tenkan line can regain an upward slope and cross through the Kijun, there may be an opportunity to break the cloud and prevent the "M" from completing its pattern
4. The Bollinger/Keltner squeeze completed and higher is assumed. It is important to watch the positioning within the lower / during this process.
5. One possible saving grace could result from the combination of the upward trending slope of the with twist, upward trending obv, and upward trending on the hourly. This can of course be used as a more powerful driver in the direction if there is a rejection in the cloud. As we know, paired with trend is a powerful and sustainable force/driver