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McDonald’s Corp. (MCD) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

MCD Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Intermediate (C).

Direction: Bottom in wave (2).

Details: We are looking at a potential bottom in wave C of (2) as volume also seems to be suggesting. In order to turn bullish again we could need to start finding support on TL3 at 300$.

MCD Elliott Wave technical analysis – Daily chart

Our analysis reveals a counter trend function characterized by corrective mode and flat structure, positioned in Intermediate (C). The direction indicates a potential bottom in wave (2). We observe volume patterns suggesting a reversal. To regain a bullish outlook, we may require to establish support around TL3 at $300.*

MCD Elliott Wave technical analysis – Four-hour chart

Here, we identify a counter trend function marked by corrective mode and flat structure, positioned in Wave {v} of C. The direction suggests a potential bottom in wave C. We observe a five-wave move to the downside, possibly indicating the completion of wave C. Additionally, there is support observed above 1.618 C vs. A.

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave {v} of C.

Direction: Bottom in wave C.

Details: We can identify a five wave move to the downside into what could be the end of wave C. We are also seeing support on top of 1.618 C vs. A.

MCD Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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