Triangle Minor 4 count is still the primary count and we are now coming into the ideal [e] wave target window. You can see on the Wilshire5000, it has made a lower low than 18 July low. SPX is diverging at the moment. SPX target is 1286-1287 SPX for an ideal [e] wave.
SPX:
Wilshire 5000:
Lowest an [e] wave can go is 1259 SPX. Then it would violate the [c] wave. If 1258 support were to break on storming downside breadth, than a triangle Minor 4 count is not whats happening but more likely a wave [iii] of Minor 1 down.
NYAD down breadth is starting to take a bearish hit. At the least one can say it no longer is acting in a bullish manner with elevated levels versus prices.
BOTTOM LINE
The market may soon tip its hand one way or the other. I am not in love with the Minor 4 triangle count, however it is the best EW interpretation I feel at this moment. I still can see one more "thrust" up in an attempt to squeeze its way to 1370.
I can also see the opposite happening as the rot underneath the system eats away ever more at the foundation of bull.
