Expanded Flat?
The monthly price appears to be in a corrective (a)(b)(C) pattern with Wave (b) extending beyond Wave (a) producing the second leg of an Expanded Flat. The external Fibonacci projection from the Jan 2002 high @ 134.970 to the Oct 2011 low @ 76.266 is between 144.133 to 151.407 where we will anticipate completion of the Wave B expanded flat and the beginning of a market reversal with 5 wave impulses to the downside to trading below the beginning of Wave (a) @76.266. According to Elliott, the Expanded Flat should show itself in a 3,3,5 pattern.
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