The S&P500 30-minute chart is below. There is a clear Flat wave which I hesitate to label as anything else but because of the location of the third wave gap.
|S&P500 Cash Index - 30 Minute Chart - Flat-X-Zigzag for (b)|
At this morning's low, then it is possible to label the overall (b) wave down as a Flat-x-zigzag; a very complicated and messy structure, but certainly legal. I have seen them before. But, the purpose of the overall potential daily triangle is to move price sideways and take up more time. That is pretty much what today did. So, the minuet (b) wave of minute wave ((d)) of the daily triangle could be complete today, or it can still become more complicated. How?
It's simple. Suppose today was not the end of the X wave, but the X wave overall became a flat, itself. To do that, it would first need to complete a small five waves up beyond the current X.
Then a zigzag lower could follow it. But, it could be done today - as a wave that would confuse most. If it is, then we will label the end of today as (b).
It would take another lower daily low, sometime quite soon, to conclude the (b) wave was becoming more complicated.
Have a good start to your evening.