My thoughts go like this:
Could we be in Minute 2? ... Maybe
Could we be in Minor 2? ... Maybe
Could we be in a Minor B triangle? ... Maybe
In all 3 cases, a break of the upsloping bottom trendline of the triangle is needed to signal the next possible down move. And in all three cases, we have large downside ahead of us for the next couple of weeks/months, assuming that either Minor 3 or Minor C is an extension, which is pretty common.
No matter what the count is, the indices still look "toppy"
But I do not think we will get an immediate breakdown here. In fact I doubt it will happen this week. There is no hint of divergence yet on the McClellan Oscillator. I am watching this to see when the current upwave finishes out.
Watching where it ends will potentially rule out the triangle possibility ... or not.
