Does the 'adjacent Water site' need to be in the same region as the caster?
No. Because the Water site is not targeted, and because the card text uses 'site' instead of 'location,' the site does not need to be in the same region as the caster.
Can I cast this spell without a target just to draw a card?
Does the target need to be in the same region as the caster?
No. Normally the answer is yes, but the card text 'above or below' means that normal targeting restrictions are ignored, and the caster can be in any region (surface, underground, underwater, or in ). As long as is an to the caster and a occupying that , it will get pulled to the caster's .
Market
$0.09
Low
$0.01
Median
$0.15