I see Disney has hit strong resistance at $115 and will be heading down to at least $100 or more. $150 is most likely out of the question, especially since $120 is about the all time high.
@Prosparitus, Did you mean to say $100 or lower? Do you have another EW count to support your view? I would like to see it. Trying to get an EW count for DIS that makes sense is not so straight forward. To get below $100, DIS will have to bust through the long term support line. If that happens then my long term EW count will be invalidated.
@Will Wong, Hi Will - Thank you for your reply. I did mean $100 or lower. I hope you are right about your EW count. Based upon the trend lines I am looking at on the weekly, I think right now, it looks like it is in a channel between $120 and $90. It looks to be heading down for the third time. Best wishes to you and your trading!
@Will Wong, Hi Will - Thank you for all the information. I understand where you are coming from and hope that you are right. I will be watching the story unfold. By the way, does your analysis include weeks 5/1, 5/8, 5/15, and 5/22? Best wishes in your trading! JC
@Prosparitus, THe chart was posted before those three weeks you mentioned. The weekly chart shows an ascending wedge and also the intersection of the long term resistance line. Thus, I was expecting a drop, a wave 4 correction and sure enough it dropped to $105++. My earlier EW count had wave 1 at $109.35 and I expected Wave 4 correction not to drop below $109.35. Unfortunately it went below $109.35 so my earlier EW count was invalidated and I came up with the latest count here. Yes, the three weekly drops bounced off the long term trend line. You can do a search for DIS and you can find my weekly chart for DIS. Cheers!
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Will
Here is the updated DIS weekly chart:-