McDonald’s sell-off accelerates after breakdown of key trendline [Video]

Gregor Horvat Wavetraders

McDonald’s is seeing a pretty aggressive sell-off, and notice that price is accelerating after breaking below the trendline of the higher degree diagonal. This suggests bearish momentum is picking up, and weakness could continue after any rebound. We are likely in extended wave A, with five waves down underway, and breaking 290 to 283 support area, which can turn into nice resistance on the current fourth wave rally.

So overall, this looks like a trend change to the downside, and the move is likely not finished yet.

Highlights

Strong bearish breakdown below diagonal trendline.
Fourth wave rebound can stop at old 290 or 283 support.
Rebounds should be corrective, not impulsive.
Downtrend likely to continue, not finished yet.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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