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This shape occurs when a popular joseki has been played starting with Black on the 3-4-point and White approaching at the 5-4-point (i.e., a high approach). White has played the diagonal move and peeped at the gap between the black stones. Let's explore Black's and White's continuations.
: If Black has played off after White has peeped, pushing though and cutting is natural.
: Black captures the cutting stone to avoid being sealed in. The question is now what potential White has in the corner.
: In this case it is simple - White can just capture the corner.
: What if Black resists this way?
: White can still push through and cut, if this stone can escape easily, for example, if there is already a White formation on the left side.
: This is the most forceful move.
at , at
: Black can play the two-stone corner squeeze.
: White gives up his two original cutting stones and eats up the corner territory instead.