After prolonged sideways movement, price broke below 9230 invalidating the triangle outlook. This has prompted me to label the advance from 7920 to 12433 as wave (5).
A look at the bigger picture fits an impulse as the five wave advance from 2254 to 12433 for wave [3].
I am looking at the current pullback as wave [4] and ideally should terminate above 7209.
I will sit on my hands and monitor price action within the descending channel.