Updated chart on S&P 500 is showing a triangle formation in wave 4 that is pointing to higher prices now. We are looking at wave 5 that can already be underway up to 2455-2460 this week, while market is above 2415.
S&P500, 4H
A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination
Triangle Pattern:
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