So kind of you to say, @bubke! In a nutshell, a three-wave decline is corrective meaning that the bull market will soon resume. In contrast, a five-wave decline is "impulsive," suggesting further downside intent after any bounce.
Right now, from the top, unless a new marginal low is made without price rebounding above the first wave down, (in this case, the 12,525 level) the move down thus far appears corrective.
But like Lenny Kravit's says - "It ain't over til' it's over." :-) Hope that helped a bit.