[JCP] update: time to bail on this stock.

My previous post on JC Penney was done on Jan 29th and in it I  modeled a significant uptrend could be in the cards for JCP shares.  The share price at the time was $6.28.  While I was one wave short of the final plunge, it did bottom just a couple days later on Feb 4th.

Today the shares trade at $11.14 and I want to indicate that the top is either in or very near.  The move from the Feb bottom should turn out to be a 3 wave deal.  The C wave seems to be taking the form of a rising wedge.  This will not be confirmed until it breaks below the lower rail but I would not hold the shares any longer due to risk of breakdown.  If you bought when my first post came out and sold today you would be up almost 100% on this trade.

Over the long run I have made my position on JCP very clear: I do not expect it to survive.  Lots of old companies will BK in the coming crash IMO.  They will be falling like flies because without a constant stream of credit coming into the market only the best and brightest will catch any interest from the consumers.  Too much credit pumped up should-be losers like Sears and Pennys.  They are unlikely to survive the next credit collapse.