I view the wave counts slightly differently. This is how I see them on the weekly chart.
The move up is an extended wave 3. The share price is currently completing a wave 4 flat pattern. IPB has gone down further than a 61.8% retracement but that is common in a flat pattern, as long as the share price doesn't exceed a 161.8% retracement. However as part A of the flat pattern has already retraced so much, I don't see the share price retracing signigicantly from here.
As we are currently in wave 4, the next wave should be a wave 5 uptrend.
20c short term, page-453
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