DIS – Disney Corporation

While the Disney trade took a little longer than anticipated to set-up, that could be a good thing. The longer a consolidation period, the higher the breakout 🙂 at least that’s the general rule of thumb.

Look for DIS to retake control of its 200 Day moving average this week. If it does not, ask me for another update at the end of the week if you are a DIS share holder.

However, I anticipate a continued push upwards now for DIS like most other stock charts I have looked at based on last Friday’s mid-day reversal. DIS previous uptrend and recent pullback appear to be Wave 1 and 2 in a larger Bullish Impulse wave pattern. I placed a Fibonacci Extension Tool on that wave 1 and 2. The 100% and 161.8% Target Lines are the price targets for the new uptrend that seems to have resumed.

The 161.8% Target Line will bring DIS share price right back towards its previous all-time highs. This makes a lot of sense based on typical stock patterns so I finally feel good that the DIS trade is ready to rock and roll…