Leading Diagonal
The previous wave count has been invalidated as Subwave iv has dropped below the top of Subwave i. The new wave count is a leading diagonal, which is an impulse wave with five subwaves, labelled in black. Together they will form Wave 1 (red). In a leading diagonal which is a rare formation, the two inclined lines in brown when extended will meet, forming a triangle. Such a formation always has Subwave 4 falling below the top of Subwave 1, which is an exception for an impulse wave.
An alternative wave count is where the labels 3 and 4 are i and ii instead, so that the formation is a 1-2, i-ii count, with i and ii being the beginning minor subwaves of an extended Subwave 3. However there is a problem with this count as Minor Subwave i (currently labelled Subwave 3) has only three subwaves when it should be five. So counting the current structure as a diagonal is preferred.
We have to wait for the waves over the next week or two to shed light on the proper count.