I know that you (and many others) have been using the 2/27 decline as your basis of fact moving forward.I have posted is based on an overriding volume consideration. Huge gap down in the market with HUGE volume. This is a big clue for everything that happens afterwards. That day was the worst breadth day since 1926.
You have to keep in mind that high plurality down days mean something totally different than high plurality up days for a whole host of reasons. In the case of 2/27, you had not only a breadth exhaustion day, but you also had an over reaction by traders not only here in the US, but globally as well. Things like this are going to exasperate what is usual and customary, and as technicians, we're going to have to adjust to these kind of changes as the bull market moves along.
Here you are confusing basic pattern structure from that of Elliott methodology. Remember that Elliott's foundation is based not only on the human condition, but it also serves to identify price pattern structures as it directly relates to breadth and volume in a way that describes the degree of trend. Wedge patterns, for example, can be bullish or bearish solely dependent on the volume characteristics of the pattern, while Elliott takes this example one step further by applying a 3-3-3-3-3 sequence for ending diagonals and 5-3-5-3-5 for those that are classified as leading (otherwise known as a series of one's and two's). Furthermore, there are other nuances that must be entertained for the correct interpretation between the two. These include breadth, volume, and above all else, momentum.if this is a leading diagonal , I don't seem the impulsive waves within it.
But Elliott aside, and going back to the root of the discussion, without daily volume characteristics to help in ascertaining which pattern is what it is, from that of what it isn't, is paramount to coming to a better conclusion of what's being traced out. Without this important information, "looks" can be quite deceiving, and can be quite monetarily frustrating when attempting to trade off this same information.
Fib