JMAT, Johnson Matthey update

JMAT june 12 , 2015

On June the 8th, using a June 1 chart we suggested selling this stock. From the June 1 date, 12 days ago, it is now down about 12%. It is hard to see but as far as we were able to determine the actual top was in late January with the recent top just ticks below that. If correct that would make this sharp drop a wave 3 of 1. There is a long way still to go but in the immediate future a bounce should be anticipated. Sharp and sudden drops like this occur when a stock trades well above it’s value, driven by momentum. If the mood changes there is literally nothing to keep it up.