Disney: Test Of Strength
On the Disney chart, bulls and bears are currently engaged in a trial of strength within our magenta Target Zone (between $101.24 and $88.36). The price has already tested the 61.80% retracement once, but has since remained above this level. Primarily, we expect further sell-offs and, accordingly, a lower low of the magenta wave (2) in our Target Zone. Once this low is set, the stock should turn upward in order to continue the current upward trend. However, we now consider it 37% likely that the magenta wave alt.(2) has already been completed and that the stock will break out directly above the resistance at $110.62.
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