[PBR] update

At the backlink we had only seen 3 waves up off the bottom and so I recommended to use stops and not give back the gains made until that point should the recent move turn out to be corrective.  Since then it has been made clear that this is a motive wave.  Wave 1 or A up is complete but I am looking for more down side to the wave 2 pullback.  We really should see something nearer to the 38.2 fib get hit.  But then we should expect a powerful next wave up as 3 or C plays out.  I have noted that when the shorts really need to cover that they can't usually wait for the full 38.2 fib to occur.  So if my current model is correct, we could see a bottom into the $8.40 range before the reversal.  Of course, wave count always trumps price targets.  When we see a-b-c that is made up of 5-3-5, time to buy.

Note, if this does not go any lower, I could be off by 1 wave.  Red 1 might really just be 3 of 1.  We should know the answer to this in the next 1-2 days.