This scenario is neither nor , but measured in my opinion. With each impulse cycle (large green box) we move along the channel (blue line) and with each corrective cycle (large red box) we lose support of that channel and move to a lower one, where we start the growth cycle again.
This has been the case so far and this scenario proposes that it will continue.
In this scope I think we have just completed Subwave 1 of Wave III .
Because we have just been rejected at the top of the channel, under this scenario we should test the channel bottom some time in 2018 or even 2019.