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.In the weekly chart we can clearly see the retracement of the entire wave ). The correction took on a flatstructure. Wave ended at $187.55, the corrective bounce reached $218.38 completing wave . The drop in form of an impulse occurred at the beginning of the COVID19 pandemic. Wave ended at $124.
Down from wave I, wave II correction started showing a possible zig zag structure. Wave ) ended at $275.00 and bounce as Wave ) was rejected lower at $285.60 in wave ). This wave should continue lower building an impulse structure that could end in $260.99 – $245.82 zone. Once price action reaches this area, we should expect a reaction higher to think that wave ) of II has ended and resume the rally toward above $300.00. The view is valid as market remains above $217.68 low.