The triangle would be the smaller fractal I'm referring to. A self-similar pattern on (in this case) a smaller time scale.
|ES E-Mini S&P500 Cash Index - 5 Minute - Triangle & Thrust|
By-the-way, we called the triangle in real time in the chat room. From later trading it looks like the .a wave up, of (v) of the contracting diagonal ended at 13:50 ET at ES 2,687.00. The triangle thrust target was hit as precisely as might be imagined. The .b wave down appears to be in progress due to overlaps downward. Further update at 16:15. The cash hourly diagonal is still holding it's form as of the future's settlement. There are no issues I can see. The hourly chart is repeated below, because I know people lose track.
|S&P500 Cash Index - Hourly - Likely Diagonal (v) Still in Progress|
For those following the DAX, here is the potential bullish falling wedge I mentioned in yesterday's comments.
|Germany DAX - Daily - Potential Bullish Falling Wedge|
As I said in the comments, it would be entirely fine to back-test that upper falling wedge trend line.
On a larger note, the hourly S&P500 cash diagonal is still in very good shape.
Have a good start to the week.