On the daily chart, McDonald’s is progressing through Wave 1 of a new impulsive move. The focus is on the completion of this wave, with Minor Group 1 (MG1) at $300 serving as the primary upside target. This level could potentially mark the top of Wave 1 as we approach a significant psychological and technical resistance level.

Traders should watch for any signs of exhaustion as the price nears $300, indicating a potential corrective phase could begin once Wave 1 tops out.

The shorter-term view supports an ongoing bullish move, with price pushing toward the $300 target. Once Wave (v)completes, traders should anticipate the possibility of a correction, marking the end of Wave 1.

MCD Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {v} of 1.

Direction: Looking upside within {v}.

Details: Looking for a bit of a different approach than what is present din the daily chart. Looking for upside within wave (v) of {v} to be unfolding.

MCD Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, McDonald’s is progressing within Wave {v} of 1, and the current wave structure suggests we are unfolding in the final leg—Wave (v) of {v}. This differs slightly from the daily chart but complements the broader trend, indicating that further upside is still expected before Wave 1 completes.

In this Elliott Wave analysis for McDonald’s Corp. (MCD), we will examine the trend structure across both the daily and 1-hour charts to assess the current wave progression and potential price targets.

McDonald’s Corp.(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.

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.