I have not changed my view that IWM / Russell has NOT topped in a larger wave 3 up off 2009 low.

This drop off September highs look like a textbook drop in wave ( iv ) of C of 3. Wave C of 3 is the strongest part of any rally. Bulls are so strong that they do not give bears chance to paint a classic A-B-C corrective structure. This is why wave ( iv ) of C of 3 always is shaped as a straight line drop with a structure mimicking a classic impulsive wave. That fools many elliotticians because they think its only the first leg down in wave A of a larger corrective wave 4. When price starts climb off the low made by the first drop they say its a corrective “dead cat bounce” rally in wave B up of 4 down. In fact its wave ( a ) of ( v) instead which indeed retest the high made by the rally in wave ( iii ) but fails to move higher. The next drop in wave ( b ) of ( v) will not be able to go under the low established by wave ( iv ) punishing those who expect a full corrective A-B-C structure of the wave 4 of larger degree. As you can see on the chart below, in my opinion, that larger wave 4 down which will indeed be structured as a large A-B-C move should start AFTER we make one more higher high in wave ( v ) of C of 3 into the red box or even slightly higher.