Tri and tri again - bearish Elliott Wave triangle in S&P500

Okay, I've been slow to embrace the Elliott Wave triangle idea for the equities indices because it didn't "look right" to me. But after yesterday when I counted out the triangle in the Dow Transports, and realized that its "D" wave looked like it had a triangle shape itself (which can happen with "D" and even other waves within a larger triangle), now I've got to cozy up to it for the S&P500 as well.

It does yield a couple of downside targets, depending on what you pick for the "A" wave, one of which is the 640 area that I've seen others reference and that may be right. My idea of a very large flat (shown in my monthly charts going back 9 years) would indicate a deeper downside (C) wave target (this (C) wave being of the monthly charts scale, not the smaller-level and smaller timeframe counts marked on this chart) .... But first things first, we need confirmation that the indices are going down in a 3rd or "C" wave down which obviously means under 804 and then under 741.

I don't see a need for deciding whether this would become my "primary count" rather than the ABC I was showing previously for a 4th or XX-wave consolidation. Either way the idea is pointing down from here.

I'm thinking this as the overall big picture looks consistent with what we're seeing in the yen, euro, and transports. What it means for the financials, and for US Steel (X) - both of which I've favored as a long position - will of course be seen. If these cannot remain above their recent swing lows then I'm stopping out of both, of course.

Meantime will look forward to another weekend of fun analysis, sifting through the data and reading tea leaves (and all the other "technical analysis voodoo" we like to do, LOL), spiced with some good economics and sentiment data as well of course. Happy Friday all!