Keeping in mind that I could be completely wrong (it’s FOMC day and these can do quite unexpected and wild things), I may be able to rule out the “deeper minute (blue) 2” discussed earlier. The depth of the selling today makes it—on my interpretation—more akin to a 2 (of subminuette [red] degree).
If we rally from here in a third wave, the expected length of that red 3 should carry us to the orange target box, but since that will give the structure as a whole a “stubby” look given the depth of the two, I won’t be surprised to see us extend to one of the higher fibs above the orange box either (noted by the two orange horizontal lines).
[UPDATE]: We definitely got to those higher fibs, I’d say. Wow.