A bearish triangle would be counted as a wave four or wave X at this juncture. It is also more likely under normal circumstances and the most straightforward interpretation.
A bullish triangle would be treated as a terminal wave five. It is also not uncommon since the 2009 bottom.
Chart 2 details these two potential triangles.
[red] The bearish triangle is a lengthy wave C following wave A-up and wave B-down since the August low.
[blue] The bullish triangle is a small degree wave [c]-down of wave 2/B-down following a wave 1/A-up off an orthodox low.
[gray] Yet another bullish triangle.
