[Update 6:35PM: I have to respect this triangle for now. Here is an example of a similar-looking ascending triangle back at the end of 2008. It happened to be the [c] wave of Minor 4.
1352 SPX and 14350 Wilshire5000 is the Fibonacci targets of (C) = .618 (A). Although we have come close, if the market breaks higher, those price points would be a powerful target to be met and then sold. It would only require a nominal new high to reach this key Fib target.
Why are my wave degree labels so small? Because I would expect that DJIA 1000 is a long way down if this is Primary wave . But the degrees are not so important at this juncture. We can tweak them later if need be.
A strong guideline of the first subwave one of a wave three of any degree is to advance prices (in this case lower). And yeah, the triangle doesn't work very well on the Wilshire.
A triangle has traced out on the e-minis. There is still a valid triangle on the SPX and DJIA.
The bear count supposes a series of ones and twos down and its a bit of a stretch. But it is a possible setup for a hard down to occur tomorrow so I have it listed on the chart. But again, the count is certainly less than ideal. If futures are up big in the morning then I suppose you can quickly junk that count.
If there is to be a wave three down, then it needs to happen tomorrow. We had a good reversal today but we need follow through tomorrow.
The bull count is the obvious triangle. And yes further sideways is an option too - if we do head further sideways for a number of days/week(s) that greatly strengthens the Minor 4 wave count.
Who cannot see that triangle price action? And will that render it a failure?