The $5.00 low was successfully defended by the bulls. It was a hair raising retracement much deeper than is common for a wave 2 (nearly 100%). Yikes! but this still qualifies as a valid E-wave scenario. So where do we stand now? Very nice impulsive wave higher yesterday from the retest of the lows and it appears to have completed an ABC wave 2 at $5.25 with wave 3 beginning(?). So far this is a valid wave count although there is an alternate bearish count that is still possible so we are not out of the woods yet. Overhead gap at $5.50 is tough resistance.

Let's see what happens!