[ORIG] update

In the backlink I provided a model without the proper labels (too busy fishing) and then just wrote about the new count.  But the chart below has the corrected 4th wave annotated on it and then shows what is likely a 5th wave down. 

Today it popped 18% if you include the extended trade.  Armed with news of better than expected earnings as well as a high likelihood of having put in a full motive wave down, I would say buy the dip is a high odds winning strategy here.  People are acting like the whole oil industry is going to BK.  It's an amazing lesson on the madness of crowds.  They loved oil at $140+ per bbl but it is just dirty black sticky goo down here at $50 per bbl and anyone in the oil biz is obviously a BK candidate.

NOT. 

Buy the dip folks.  The shorts have taken the oil patch down waaay too far.