The topic of whether or not Jump considers tankoubon sales or not when they bring up series for cancellation has been discussed tons of times in this thread (and its predecessors). The answer is that really, we
don't know if Jump does consider tankoubon sales or not. There is evidence to point both ways, so there can be no conclusive verdict.
Yes, from a business point of view what Westlo has said is very true (in fact Mago sells >500k copies per volume on average

). But there have been instances where Jump seems to have done what would seem very silly from a business point of view. Who knows if they will do it again?
Anyway there is really no point in debating over that, so let's put that to rest, shall we?

As fans, we can just hope Mago tides over this rough patch ranking-wise. Having read the recent chapters (esp 143) I think there is much hope for the series to pick itself up on the TOC
And I'd think that even
if Mago is forced to end earlier than Shiibashi intended, they'll give him more time than they did Iwashiro for Psyren. At least I hope so.