The triangle pattern in the S&P 500 is most likely a triangle B wave, because the first leg down is a 5-wave structure, and thus a 5-wave A. This count is supported by the fact that the VIX closed below its lower Bollinger band yesterday, and if it closes above the band today (which is likely), that will create a broad market sell signal. Since this interpretation indicates a zigzag is forming, wave C should be approximately equal to wave A. So the downside target is approximately 238.09.
