Is this an Elliot Flat?

Is this an expanded flat, a corrective wave in the Elliott wave theory?
If so, we should already have seen a similar, possibly fractal, formation on our daily chart.

If this is the case, what will happen?
One of its consequences would be the commencement of another downtrend (I have already examined this scenario several times. see the links).

Otherwise, this movement could be wave 2 of a new uptrend (green), which I don't think so.