The count above was correct even if the bottom was a good deal lower than expected. The reason, and this is important to note, is that the 5th wave extended. That is why the model above is correct in form even if not in magnitude. After blue 4 below we did indeed have 5 waves down. This could have bottomed at green 1 back in early December which is why the prudent trader would have trusted this as being 5 waves down and bought in at green 1 while VERIFYING that the herd didn't exercise its OPTION to extend the 5th by using stops just below green 1. In fact, someone playing close attention who knows about CWT would have called that WC2 long before it went to a lower low than green 1. In any case, I expect a similar thing here as I expect in FCEL: a move down on Monday to finish the retracement and then probably an intraday reversal back upwards. Target price at that point would be around $2.60.
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