Just reading some reports this morning, the theme seems to be if the Tories lose up to 300 seats they will probably ride it out, more than that and the are in troubled waters, anything north of 400 would be a complete disaster, as they are only defending 1,800 seats, so unlikely.
Back here in Worthing, Labour only needs to gain one seat from the Tories or the LDs to be the largest party, but would need support from the 2 LDs, or possibly only 1 LD if they lose the seat they are defending. If Labour picks up 2 seats from the Tories and/or 1 from the Tories and the single LD seat up for election, they end up with 19 and an overall majority.
In my ward, the Tories are defending two seats, the one due this year and the other because of a resignation. Yesterday I had a Labour flyer delivered pointing out there was only 76 votes in it last year, so that's how close they are to getting both seats in this ward. Not sure that flyer was a good idea for Labour, pointing out how close it is could motivate Tory voters that were planning to sit this one out, to actually vote after all.
It certainly makes the election here interesting, unlike the pervious 20+ years I've been in the area.
They don't count overnight for council elections here, and because of the fully shared services across the two councils, they normally count votes for Adur District Council first, so it'll be a long wait on Friday before the Worthing Borough Council results are finally declared.