If Minor wave 2 has in fact completed on september 1st, then minor 3 would be in premature development. It is difficult to count these waves relative any degree at such an early stage. However we use targets (with most confluence) to categorise the waves into appropriate degrees or magnitude. We decided to label the first motive structure at minute degree consisting of an extremely elongated wave 3, that will compose minor 3. Degrees are subject to change if need be in the future to reflect assimilations of new waves, but change of degrees is not liable to change of established wave labels.
In terms of probability and risk associated with any trade setup this count and subsequent counts incur, it is highly unlikely that the market will pull price beyond 16 september low, and still maintain price above 1 september low. In other words, if price moves below 16 sept low, it is hard to build the case for the idea that minute 2 pink is still unfolding.
This wave count states that 1) minute 1 has completed and 2) minute 2 has completed as a 5-3-3 and 3) minute 3 is in its early stages of development.