Details: Looking for a top in wave 1 or (1) of Primary wave 5. We could be facing resistance on TL3 at 300$, where we could expect the pullback in wave 2 or (2).

MCD Elliott Wave technical analysis – Daily chart

MCD is currently advancing in wave 1 or (1) of the larger Primary wave 5. The price action suggests that we are approaching a potential top for this wave, with the $300 level (TL3) acting as a significant resistance. As we near this resistance, there is a possibility of encountering a pullback as wave 2 or (2) begins to unfold. Traders should be aware of this potential reversal point and prepare for a possible corrective phase.

MCD Elliott Wave technical analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave {v} of 1.

Direction: Upside in wave {v}.

Details: We can see a nice wave {v} subdivision and we seem to be missing at least another leg higher which could take us up to 300$, as volume also seems to be confirming.

MCD Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, we can observe a clear subdivision within wave {v} of 1, which suggests that the current uptrend is not yet complete. At least one more leg higher is expected, potentially driving the price up to the $300 level. The volume patterns also support this outlook, indicating continued buying interest that could push the price towards the $300 target before a correction sets in.

Welcome to our latest Elliott Wave analysis for McDonald’s Corp. (MCD). This analysis provides a detailed examination of MCD's price action through the lens of Elliott Wave Theory, guiding traders toward potential trading opportunities based on current trends and market structure. We'll analyze both the daily and 1-hour charts to provide a comprehensive view of MCD's market behavior.

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.

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