JOY revisited

Then, Dec. 2012, and now charts as usual;

Joy dec 12 2012Joy july 13 2015

The prediction (by EW, not me!) was pretty prescient as the stock kept travelling down. However, the EW argument was dead wrong! At the time (see the blog) I mentioned the clear B-wave as that featured prominently in many other charts and seemed to fit the picture just fine. Looking at it again, that count must be discarded. If this was a C wave from the top of $101 it would have to subdivide in 5 sub waves without overlap. That is equally clearly not the case so the count on the left, in purple, cannot be. Instead I would now put the top of wave 5 where B used to be, so the correction starts in 2011 and not in 2008. Now the complete correction and not just a C wave, can become a double zig-zag that will go down at least to $10. But for the moment it does look as if the a part of the second a-b-c is about complete. For the nimble this may be a buy for a decent bounce of about $15 to $45.

JOY is the world’s largest manufacturer of underground mining equipment, about 60% coal and 20% copper.