We sniffed at the triangle when price fell out of it, and till today it looked reasonable to discount price behavior and even regard it as a bear trap. But today on a near power bar an important support line was broken. (“Near power” because of the strong recovery off the bottom.)
The PnF system took this to be the beginning of a downwave and a signal:
The PnF system looks for a target of 2041. Reason enough for us to scale out of some of our S&P500 longs.