This is my favorite trade this week of over 50 stocks I analyze. Oscillators support as does volume. We just need to fill the gap and then it's off to the races downward. I like a short term target of 60.73 and a medium term target of 57.79
Walt Disney's price chart looks bearish. The target of the triangle was hit right at the high point of the second rising wedge, marked with red on the chart. The volume has fallen during the formation of this last pattern. All this bearish signals are waiting for a confirmation in the price action. Targets for a possible fall are 52.50 and 46.66.
Big trend = red
trend = blue
small trend = at the 1h chart
Sustainable break of red line confirms ALL three trends, forming a new high.
Entry at 1h with very close SL, you'll see the last low at 51.80
EDIT: Took profit after gravestone candle, maybe not to smart, but all the gaining days of the major indexes make me keep the stop-loss tight...
