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

Peter Mathers TradingLounge

MCD Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 3 of (3).
Direction: Upside within Wave 3.

Details:

The long-term outlook for McDonald's (MCD) remains bullish, with further confirmation expected once the stock consistently trades above $300. A pullback in Wave {ii} of 3 is anticipated near the previous all-time high (ATH), which could present a buying opportunity before the next move higher.

MCD Elliott Wave technical analysis

Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (v) of {i}.
Direction: Upside within Wave (v).

Details:

The 1-hour chart suggests that Wave (iv) is a triangle correction, with a potential bottom already in place. If this structure holds, further upside is expected within Wave (v).

The target for Wave (v) is around $323, which aligns with Wave (v) equaling Wave (i).
This level could mark the completion of Wave {i}, followed by a minor corrective pullback.

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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