[SPOILERS] X and Y pre-release Leaks and Rumours thread

No it doesn't. Sorry but i'll have to disagree strongly here.
First of all Rayquaza is dragon/flying, not dragon/water.
Second of all, it's the "Sky high pokémon".
And third of all, it even has arms.

I see no resemblance to Jörmungandr outside of resembling a serpent somewhat.
Jörmungandr is a serpent that coils around the earth deep underwater. And if they wanted to make both Fenrir and Jörmungandr into legendaries then they most definitely also need to make Hel into a legendary as well(Last bit is opinion, obviously, but i think it'd be lame to only make two of the three of Loki's kids into legendaries).

If you wanna take it that way, then Jormungandr should be Water/Poison, because it's supposed to leave the ocean and poison the sky at Ragnarok.

Ah, and Hel's the only humanoid among the three, right? I don't think they'll base a pokemon on a humanoid mythical being...