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.

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