Market Outlook: Now Getting Higher Volatility
Market Indexes: Major U.S. Equity Indexes closed lower
SPX Candle: Higher High, Higher Low, Lower Close - Outside Candle
FED Posture: Quantitative Tightening (QT)
In order to maintain a triangle in the present form, the (a) wave must not be exceeded lower. Today's outside day might be a b, after an a wave, but it could also be just the start of a diagonal a wave up, after the small degree waves .a, .b, .c up. That would yield i, up, ii, down of the larger diagonal a wave up which would still be in the (d) wave of the larger daily triangle.
Very tough to tell.
Bottom line: if we take out the (a) of the daily triangle, it would make counting a triangle more challenging, and perhaps, impossible.
It's quite tedious, and one can only be patient, calm and flexible in the whipsaws. On the other hand, this is precisely what triangles and diagonals do.
Have a good start to your evening.