Luffy's current peak power is Gear 5, his awakened devil fruit form ... As seen in the Egghead arc, when Joy Boy's Haki was unleashed by Emet, the Elders were all knocked out of their demonic ...

Essentially, at this point in time, Luffy had officially become Joy Boy due to the Awakening of the Devil Fruit and the return of Gear 5, which essentially utilizes the Drums of Liberation.