Pennywise, I've been keeping track and if he does do what you said, that will leave only 4 times left. He had 5 at the end of Ep3. Go back and count them.
1 time for the snow as a child.
1 time for the snow as a teenager.
1 time to save Luni from the spirit.
That leaves 5 times remaining at the end of EP3.
I think his latent powers will soon reveal themselves after he rids himself of all 8 magic uses. I think those are like a small overlay of magic he has to use up in order to get access to the main cache.