I am showing an intraday chart of the Dow Jones Investment Services Index as it sports nice waves to better explain my point that for one the long term rally is not over. Look at the recent decline. Perfect ABC down. A counter-trend move implying more upside action to come. Secondly very short term, the bulls are running out steam. At best we have a final sprint towards 1175-1180 on Tuesday before we start correcting the advance from the recent panic low. How low I don't know but if this idealized scenario plays out, we will not move back below last week low.
But we can also start to decline right away leaving us with a ABC rally that would suggest pretty much the same. The only difference is we could move past recent low in a double Zigzag. Could be bullish triangle too. Just too early to tell.
Always fascinating to see these patterns unfold before our eyes.
Very nice chart and analysis. Note that for the SPX I see a possibility of the upwards pattern developing into a rising wedge for C. If so, your triangle could break downwards rather than up, also then offering the potential for a large ABC up to your C=A target price area.