I was told to count it from the first leg. I always thought that it is counted from the start of a new trend when the old one is broken. This is why I hate E waves. They should be treated like bollinger bands. as a guideline but not a indicator of price movement or trend.
So if it already topped for the week then we get a grind down of profit taking then a drop to 15.30 and a bounce back for another leg up. If we don't get that then we test the previous lows and maybe a new one as we carve out a longer bottom.
I'd like to have a multi week bounce that tax redemption can sell into in December.
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