There's a possibility for a triangle count for wave (X) as shown in the chart below. Should price break the wave a of the triangle low, wave (X) will finish just a bit lower. Yet another possibility is that wave (X) is already finished and this price action is part of wave (Y). 3 possibilities all have in common that price is near a bottom. On a side note, the chart has a different look because i have made it at tradingview.com, you can find me there under the name jdemunter.