I also tweeted at 8:20 AM PST,
Cant chart todayyet but based on the struggle at 2k n hrly +ve divergence. Maybe a long here for a bounce.The +ve divergence appeared to play out and the market bounced in what would be considered a wave -ii if following the red count.
— Grand (@grand680) February 2, 2015
As far as the triangle that I have been tracking is considered, the previous count was ruled out with today's new low. However, until the wave A low at 1972.56 is taken out, a new alternate is in play for either a flat or another larger triangle.
Again, I find this pattern suspect now especially the longer it gets drawn out. But we must be mindful of its potential so long as 1972.56 holds.