We are probably in wave 5 black, of Wave(5)pink, of Wave [3] violet, of Wave III blue.... ie: 5 of (5) of [3] of III.
Probably in the sense that, an irregular if completed must show a swift recovery, which did not happened here yet and we are stuck at 10985 ie: between 50 &62% of c of irregular abc. This should have breakout immediately on either side. If down we can see 10000 again, telling us the correction is still on going. But chances are less for wave 3 to correct more in this fashion. So expect a break on up side to find new target for wave 5 and that make wave (5). See the channel for a possible target around 12950. Remember we are then completing wave [3]too.