SPX Update: Triangle Confirmed, and What That Means

Yesterday, SPX confirmed the near-term triangle count (as well as any hypothesis is confirmed by the materialization of a predicted outcome, anyway) by revisiting the upper edge of the triangle zone:

So, without getting too far ahead of the market, what we have for certain is a confirmed triangle, and triangles are typically the penultimate wave of the larger wave in which they reside (i.e.- the fourth wave of that larger wave).  This in turn suggests that a larger wave completed at the most recent all time high -- however, since we don't have an impulsive decline yet, we (in actuality) don't know how much correction the market wants.  The most bullish case is that the correction is already over/almost over, while the most bearish case is limited only by our imaginations.  Problem is, it's too early to qualify as much more than highly speculative, so we should probably just wait to see whether the market forms a larger impulse or not before speculating too much.  That said, IF it goes on to form a larger impulse, then there's potential for a decent correction; if it doesn't, then business as usual will continue.  Trade safe.