SPX Daily - Friday, Aug 26

@ 6 PM

That Aug 18 sell off was not a 3rd of 1, but 3rd of A wave. 
(Last year's flash crash turned out to be the same way.)
It did trick me into thinking it had kicked off an impulse of higher degree.
If the triangle on the SPX does not hold, most likely it is a WXY combination correction.

DAX shows no signs of any upward strength, much weaker than SPX/DOW
It  continues to correct to the upside and impulse to the downside.

@ 4 PM

We have a large corrective pattern in 4th wave. It may not be possible to know exactly what it is, until after the next clear impulse develops.

@ 2 PM

For the triangle to remain valid, this move must end below 1190, the C leg.
Else this could just be a double zigzag correction.
The size of this correction also raises the question of what degree is this correction.

@ 12:30 PM

That triangle in the wave b position might be the clue to this being an ABC move.

@ 11 AM

The move off of yesterday's high looks like an abc.
So may be we have a triangle after all, for Minute 3.
Possible wave E up in progress now.
Will know better by the end of the day.