I wish there was a better way to count this but this is as good as any. There seems to be 3 distinct channeling areas which is why its labeled the way it is. There has been no significant corrections since the 1820 low to put your finger on.
Certainly there are other ways to label it.
Our GDOW chart counts better as a "three" at the moment which is what its supposed to be if its a wave 2 as labeled.