No. Blue is leeward
boat and rule 11 allows
her to luff, but only if no other rule conflicts. Rule 18 begins to apply at
the latest when one of the two boats reaches the two-length zone
(see also case 84). Here, rule 18.4 applies and Blue
must not sail further from the mark until she gybes than needed to sail her
proper course, and by no stretch of the imagination can this
be considered Blue's proper course. Thus Blue breaks rule 18.4 and will be penalized.