S&P 500 - A triangle has developed

Sub-wave (iv) has turned into a triangle, which is close to ending. We should see a final thrust lower soon. The triangle has a minimum target of 1,058, but we could see my ideal target near 1,050 - 1,051 hit.

Remember that triangles always for say the last move in the direction of the trend (in this case down), before a correction sets in. Ideally we should see the bottom of wave (v) beginning of trading Wednesday, when the triangle apex.