With the drop we could have seen the end of the 5 wave down on the SP and now heading up. Triangles are normally 4th wave characteristic.
Comments
JimmyIzzaWussy
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What is the significance of 1.27 retracement level? I've never seen that value used before, I assume it's derived from the standard fibonaccis. But why do you prefer that over 1.238?
CoinedByCrypto
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Yes it's a fib number and as you can see it fits well with the first retrace after bottoming. 1.27 is also commonly used in harmonic patterns.