An expanded flat is complete and the decline from 1.4776 is an impulse, strongly suggesting that the path of least resistance for Cable is lower. I wrote yesterday that “a small second wave may be complete at 1.4632. Favor the downside against 1.4776 in anticipation of a break below 1.35.” A second wave was not complete at 1.4632 and a push through 1.4698 may even be required before a second wave is complete. Still, stay bearish against 1.4776. The minimum objective is below 1.4513 and below 1.35 is the multi month objective.