Base permalink for custom taxonomy

Question

I'm using custom hierarchical taxonomy that is attached to custom post with following structure:

www.mysite.com/movies/drama/example/

where "movies" is a slug for custom taxonomy and "drama" is an sub item for "movies" taxonomy.

In permalink settings I have "Post name" turned on.

Now the problem is that when I type:

www.mysite.com/movies/

I get 404 (Page not found). But when I type:

www.mysite.com/movies/drama/

My taxonomy.php template is recognized and I'm able to show list of categories using wp_list_category();

How can I convince Wordpress to recognize /movies/ as a custom taxonomy slug not a page?

Here's the code for registering that taxonomy:

$args = array(
    'labels'                     => $labels,
    'hierarchical'               => true,
    'public'                     => true,
    'show_ui'                    => true,
    'show_admin_column'          => true,
    'show_in_nav_menus'          => true,
    'show_tagcloud'              => true,
    'query_var'                  => true,
    'rewrite'                    => array('slug' => 'movies', 'with_front'=>false, 'hierarchical'=>true),
);
register_taxonomy( 'entry_category', array( 'movies_entry' ), $args );
register_taxonomy_for_object_type( 'entry_category', 'movies_entry' );

Thanks in advance:)