Zooming out a little bit we have my current model. The alternate count is that the big spike down wasn't 3 of 5 as shown but rather 3 of 3 of 5. If that is the case then the current corrective looking move up will be 4 of 3 of 5 and then we will get another stroke down to finish 3. The end result shouldn't be much different than shown below: a hard bottom, perhaps double bottom in the $15-$16 range. If I see that I'll take another swipe at the brass ring and hope I don't catch air like I did the last time on this. I still think that 30% sold short is not sustainable and that they must be getting more and more nervous about who is going to cover first.
Nothing keeps a short up at night like a short squeeze and the EW count suggest that one will start in early June.
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