Minuette wave (b) should be complete now, or very soon, as it’s at the tail end of my target range of 1210-1220 right now for the triangle scenario to remain valid. I expect the market to fall immediately in Minuette wave (c) now. As long as it falls short of breaking below the Minuette wave (a) low then the triangle count for Minute wave ((iv)) is still well intact. But a break below the Minuette wave (a) low in the 1174 area would negate the triangle count and suggest that some type of zig-zag or combination correction is occurring. A rally higher would suggest Minute wave ((iv)) is unfolding as a “flat correction” and that once Minuette wave (b) exceeds 1227 then it should reverse sharply in Minuette wave (c) down quite soon.
So unfortunately there are still a lot of options on the table. The “flat correction” and triangle counts for Minute wave ((iv)) remain my top choice. So for short term aggressive traders I see an opportunity coming soon on the short side.