I think the latter. (And as usual, I fully reserve the right to be wrong). And I for one exercise that right frequently :)
Here is my "C"razy count for C. I think the move up from the bottom is a set of threes (and yes a triangle is a three). The move up from the triangle breakout has not had a B correction yet, which I think it needs before resuming it C leg up to the triangle target.
The timing for the long term crazy count comes from my thoughts here: The Large Count with Historical Perspective.

Disclosure: This post was brought to you by the letter "C"