Wave C of the expanded flat correction, that is my favorite count, should now be under way. I'm still looking for a rally higher towards the 138.20 - 138.43 area at least.I have shown an alternate count on the chart above, which has wave 1 ending at 134.46, but the final outcome should still be a wave 2 correction higher. The reason for this alternate count is, that the decline from 137.77 to 134.46 does have an impulsive look to it. Wave B of an Expanding Flat can't be impulsive, it has to be a three wave affaire. The decline could also be counted as a three wave decline, which is why I keep my Expanded flat scenario as my favorite for now.
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