"Three Women" focuses on Candy Southern, Moondragon, and Cloud.
The Defenders have beaten the Gnostic Wizard, and send some rangers to arrest him. As they fly back home, Beast confronts Moondragon about Gargoyle's warning that they can't trust her. As usual, Moondragon ignores him, and Cloud, in male form, defends her innate goodness.
When they arrive home, they find the place guarded by holograms, including various heroes like the Hulk with machine guns, and Galactus on a giant version of Sassafrass. They are the work of Candy, who has been busy updating the technology of their HQ while their were gone, making it into a more respectable super-hero base.
They take Gargoyle, whose hand was cut off, down to the new infirmary, but a new hand seems to be regenerating from the stump. When Beast asks him about his warning about Gargoyle, he says he doesn't remember.
Cloud tries to mend bridges with Iceman, who has taken her new gender-switching very poorly. He wants to be cool about it, but can't handle it.
Gargoyle talks to Cloud about Moondragon. He was lying when he told Beast he didn't remember. When he was psychically merged with her, he learned that she was partially infected by an ancient evil, the Dragon of the Moon, when she was young on Titan. He worries that the Dragon may take over.
Moondragon, meanwhile, takes his warning very seriously, and begins to worry about herself. She knows the danger of the dragon, although her arrogance makes her think she can win. She imagines the Dragon in the form of Mantis, her rival for being the Celestial Madonna.
Beast and Angel call a meeting, they are tired of trying to figure out which Defender should be the leader. Instead, they want Candy to be the leader, since she's the best manager. They all agree.
Then Mantis punches Moondragon through the door.