Even though the exact count on Ivanhoe has eluded us, it was quite clear that the recent rise from $13 to about $23 was corrective and therefore probable not sustainable (see ou previous blog where we specifically warn about the $23 level). Today Rio won a court suit that confirmed it’s entitlement to acquiring an additional equity position in Ivanhoe. The stock has dropped about 15% on that news and has now overlapped the $16-$19 range, the b-wave and consequently chances are now better for the stock to trade below $13 than above $23. There still is , however, an outside chance that the corrective action from the lows was only a wave A of a more complex correction. The odds are fairly low so , once again, we suggest getting out on a rebound.