JC Penney is swamped with debt and the golden age of the brick and mortar store is behind us. The stock has been in a downtrend since the market top in 2007. The downtrend has taken the form of a five wave impulsive move, with the fifth wave starting earlier this year. Wave five should subdivide into five smaller waves and it appears that minor wave 3 began last week. Sell short with a stop below last week's low. Stop loss is above the high of two weeks ago. Initial target is new all-time lows. Final target is the pink sheets.
