User blog comment:FairyRaven/Fairy Tail Chapter 396: Air, Review and Commentary/@comment-74.61.219.92-20140813063447/@comment-5268982-20140813095201

You're right on everything. As for Horologium, in that particular case he would probably sink along with Lucy inside, so he wouldn't really save her. Virgo or Leo could still appear and offer some help though.