[ORIG] update

At the backlink I was modeling a near term bottom.  The chart actually went a tad lower and I got in at $3.24 because I was sitting there watching it this AM.  As a result of this move, the chart may have tipped its hand as being a corrective wave given my proprietary observation that wedges are 3s or Cs.  Well this looks like a falling wedge with 5th wave throw under and unless something changes from here that would be WCB.

We need to begin to see a strong move up nearly from the open tomorrow AM else I might worry that the falling wedge is going to extend a bit more downward but that is not my primary model at this point.  In any case I bumped my stops to 3.23, just 1 penny below my buy price.

If I'm correct about this count, the drillers are likely actually lagging the miners which as we all know had what looks like, so far, an a-b-c correction.  The miners moved up 30+% in just a few days and that could easily happen here.  I'll buy more into the first pullback from early strength, should we see it.  These things tend to start kind of slow and then pick up momentum in the last 2 days of the rally.  A gap fill to, yes, $4.40, would be the perfect C wave for this.