Is it possible that the (c) wave down wants to take as much time or slightly more time than the (a) wave down? It certainly is. It is a triangle, after-all. And the very purpose of a triangle is to take up time and to move price sideways.
A chart of the 4-hour S&P500 cash index is below. The downward count on the (c) wave is what the count best "looks like" at this point in time.
|S&P500 4-Hr Chart - Potential Triangle Count|
If price doesn't make an immediate new high over the high of Tuesday this week, it may be in a smaller triangle. So, things could get scary again, but it is still possible for the larger daily triangle to form if only a marginal new low below wave iii is made.
Such a wave would be a trap low, and serve the purpose of getting more participants more bearish before the triangle reasserts itself to the upside, in the form of the (d) wave.
In no event, however, would it be expected for the (a) wave to be exceeded lower in this type of triangle count.
Again, this can all be a part of trying to 'hammer out' the lower trend line of the triangle. It's never comfortable, and the counts can be difficult to determine. IF the above scenario comes to pass, it would demote the (c) wave back to a simple leg of the larger daily potential triangle. This might allow either the (d) or the (e) wave of the triangle to become the complex leg.
But, if it does come to pass, it might satisfy a triangle time relationship that the (a) is less often the shortest wave time-wise in a contracting triangle.
And, if this scenario does not come to pass because Tuesday's high has been exceeded, it would indicate the triangle's (d) wave is likely beginning.
If you are in the U.S., or elsewhere where this is a holiday weekend, have a very happy one.