You can go on this way for weeks however I would think they would have tried to stop contractions and given you steroids to mature babys lungs just in case. But I'm not a dr. Maybe ask your dr
At 32 weeks I was put on bedrest because I was 2 cm and 80% effaced. Got off bedrest at 36 weeks and was 3 cm 85% effaced. I tried at 37 weeks everything I could think of to help her come and she still didn't come until the morning I turned 39 weeks. So it could mean your baby is coming soon or it could mean nothing.
They didn't give you the steroid shot or anything? Hmmm that is strange! I was put on bedrest at 27 weeks and at 28 weeks was 1cm (got the steroid shots) and then at 32 weeks went into labor with contractions every 2-3 min. I was 4cm and 80-90% effaced. I got another round of steroid shots and 3 shots of terbutaline and was put on medication. The contractions slowed down but I stayed that way until 36 weeks. So it's still possible to go full term.
I'm guessing you are on bedrest now? That will help her stay put longer.