Disney (DIS) Chart Analysis

Monthly chart shows a current 3 wave up into $31.00 area resistance at the UBB. The third wave from the $22.85 low has 5 waves up into the $31.00. June ended with a hainging man type of candle pattern and a higher high. The move up to $31.00 is with divergence. July opened lower and immediately sold off. IF the high is put in, THEN I will be looking for the following downside tgts: 1) PRZ $23 to $24.50 (prior low and .382 fib) 2) PRZ $21 to $20 (prior low and .682 fib) then lower to test the low at $13.50 range.

Weekly chart shows well defined sell pattern. IF there is follow thru on the weekly chart, THEN the price action will make the weekly and thus the monthly more bearish. Downside price action will help to trigger the monthly sell pattern.

Market shows huge gap down thru multiple support levels ( moving averages, prior LIS) showing the bears are in control.