Diagonal triangle mentioned in last chart an at top of this chart. Many think of them as fifth waves. That may or may not be true. I care less. Often they are not by my understanding. They are an inverted -b- wave in my terminology. Check the labeling and judge for yourself.

The truth that matters is this. Diagonal triangles most of the time make deep retracements. I use the pattern as an indicator of what most likely to expect. That is what I look for. Patterns defined in trendlines, to identify what is next.

Now notice on the chart the downtrend line on far right. That is the line a running -c- wave will end at or it will be an flat and it will go to blue horizontal at 1294.25.

I suspect the line for target as there is an inverted -b- wave. Inverted -b- waves always indicate deep retracement coming. Of course to know this, the analyst has to have the labeling correct. That can be very difficult at times and mistakes come when the analyst is the most confident.

Counting the wave up to that point will give one an idea of which is target for another verification or indication.

Remember, that most days the market trades in one direction only, and in corrections just fining the extreme point and trading till end of day is very profitable also. Even if it ends where it opened.

Now see how good the analysis is.
Last post gave you the longer term expectations.