Mellon Financial (MEL) Chart Analysis

Monthy chart shows 3 wave abc structure into the $39 range high. Move up shows divergence, with triggered sell pattern in place. Downside move targeting PRZ at the $27 dollar range -- confluence .618 fib level and prior low.

UTL broken and prior resistance did not hold as support. Looking for possible bounce to 34ema, and failure to the upside will provide shorting opportunity with blue ice failure pattern.

Blue ice failure was opportunity to enter ss, as did break of LIS showing old support becoming new resistance at $34.82 level. This week's price action held back by 200 sma and downside pressure sent stock thru another LIS at $34.10 range.