DislikedWell, technically according to the rules I posted in the thread, no it isn't, because PA is not below the MAs representing the 15m coral and 30 m coral. If you don't have PA at least below the 15m coral, you are probably looking at a retracement (though hopefully a big enough one to get 10 pips out of) and not a new trend.
I personally took a trade there because as I mentioned, if you want to be brave you can take trades where there is 10 pips of room between the trade and the next coral. Also I had more considerations:
1. PA had bounced off...Ignored
Yes, understood. A clear example of the Rainbow not traded as such, other indicators confirmed the trade for me as well. Also saw that there was enough room to the 15min coral for ten pips, at that stage the 5min coral was out of the way.
Regards.