[Update 9:17PM: As I postulated last night in that the triangle may be a bearish triangle https://lh3.googleusercontent.com/-7x4zUoN9uAM/TXasyzGlefI/AAAAAAAAI08/nWflEn6ghV8/s1600/SPX60.png we have yet another possible triangle count that supports the bearish triangle outlook. One thing I found with triangles is it pays to be creative in the counts because the most obvious counts sometimes are what fails.
We have a lot of eyes on this triangle so it will likely require an inventive count either way.
Yesterday we explored the possibility of a Minor 4 that retraced towards the 23.6% Fib, or 1272SPX. https://lh3.googleusercontent.com/-7x4zUoN9uAM/TXasyzGlefI/AAAAAAAAI08/nWflEn6ghV8/s1600/SPX60.png That chart from yesterday supposes the current triangle that everyone sees would turn out to be a bearish triangle.
Today we will explore the possibility that a move lower is not in the cards and that what we have is in fact a Minor 4 barrier triangle with its price low of 1294 (which was in fact within the previous subwave [iv] price range which is what we expect anyways.)
Every triangle should have a complex leg, usually always the C or if not, the D wave. Today and part of yesterday seems to provide the proof of a complex wave in development. And if the triangle is bullish, and we should respect that it is, the complex wave would be the [d]. These complex legs are key markers of triangles.
Another aspect is that the final [e] wave catches you off guard and gets you leaning toward the wrong direction. So for example in the chart below a move to say 1330 could be the [d] and then a harsh reversal to 1313 would have bears salivating. But of course it would reverse yet again. That is the nature of [e] waves. By the way, [e] waves are usually simple 5-3-5 zigzags almost always.