As mentioned yesterday, the preferred count treats the advance from 1.2510 as an expanded flat as a second wave. In flats, c waves are impulses (5 waves). A push above 1.3742 would make the advance from 1.2454 an impulse and give way to a top and reversal. Expect resistance at the confluence of the 200 day SMA / 61.8% of the decline from 1.4723 at 1.3835/50.
