A lot of trading occurred in the e-minis since Friday. If you were to chart the e-minis, all hours, you'd almost have to chart them as I have them above. They show triangle action going on. At least for the time being.
The 5 wave move down from 923.5 (924.6 SPX) looks very clear on the cash index but on the emini-s its a 5-3-5 zig zag (5 minute chart) with a classic ending diagonal move (every "three" is in there and no rules are violated). And that would fit a triangle pattern. Also as the C wave, it is rather complicated-looking (at least the last few days of off hours trading) which can be typical for a C wave in a triangle.
I cannot say this will play out and be the entire Intermediate (X) wave corrective pattern, but I wouldn't be doing you any justice if I did not show you this pattern. For at the moment, the rules of a triangle can be counted to be there, at least on the e-minis, all hours.
As a side note, the NASDAQ made a new low taking out last Thursday's low. The SPX and DOW did not. What does this all mean? It means use all means available to help determine the wave patterns.
Well the volume today was less than last Thursday and Wednesday red down days. But still an impressive rally back to 912 nonetheless.
Look for a sideways to down day tomorrow and then heading up to the triangle trendline at "D". and then a move back to E. These should be all zig zags of course from point to point.