Flandre's spellcard, Secret [Counter Clock].
The second wave is just
what
how
This and the last few seconds of Q.E.D. are the only thing standing in my way of a perfect EoSD Extra (well, that and my keyboard's repeated attempts to kill me, but I'm getting a new laptop in two weeks~).
The first wave is easy, just go to the left. The third is also simple, stay in the center until the clock arms pass and then move up, by which time Flan will be dead. The second wave is what gets me. I've been moving to the right, which lets me avoid the clock arm. Then, I'm pretty much at the mercy of the red bullets. Are they random, or aimed, or what? Where they go seems almost completely luck-based, and it's really annoying to perfect the stage then get killed by random bullets.

Also ATTWBN is incredibly boring at anything below max rank.
EDIT: Odd, as soon as I complain about it I capture it. Well.
Still, any info on how the card works would be very much appreciated, so I don't have to just luck my way through it.