McDonald’s MCD Started a Retracement as Wave (II)

McDonald’s (MCD) is the world’s largest fast food restaurant chain, serving over 69 million customers daily in over 100 countries in more than 40,000 outlets as of 2021. It is best known for its hamburgers, cheeseburgers and french fries, although their menu also includes other items like chicken, fish, fruit, and salads.

McDonald’s MCD Weekly Chart January 2024

In March 2020, MCD ended a corrective cycle as wave ((II)) at 124.23 low and continued the rally. The new structure could be building a leading diagonal as wave (I); therefore, we called wave I completed at 271.15 high and pulback as wave II ended at 217.68 low. The market resumed to the upside in a choppy way finished wave III at 299.35  high. Next correction as wave IV ended a zig zag structure at 245.73 low and MCD rally again. Last January, we called that wave V of (I) should end soon and see a pullback in wave (II).

McDonald’s MCD Weekly Chart June 2024

After 5 months, wave V of (I) ended almost inmmedialy at 302.39 high and started wave (II) correction. We believe that wave “a” of (II) has not ended yet. We can see 5 waves down from wave (I) high, but the last swings still could see one more low to end wave “a”. This low could drop to 245.79 – 240.41 area (1.236 – 1.618 inverse Fib retracement) where buyers should appear to see 3 or 7 swings bounce in wave “b” before resuming lower in wave “c” of (II).

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