These 1-2 patterns are ominous and suggest a waterfall decline into the end of September. Tomorrow is another Fed day and although a 75 basis point rate hike is expected, it is the Fed's words that accompany the rise in rates that will carry the day and likely the week. Longer term, meaning October expiration, IWM (and other index etf's) should be much lower. Wave 3 of (3) should unfold in more of a straight line down than these 1's and 2's, and until we see that kind of capitulation a/k/a panic, the worst of the decline still lays ahead.
