Sep 17, 2020, 7:41:55 AM
McDonald’s Corp.: wave analysis
The price may grow.
On the 4-hour chart, a downward correction of the higher level formed as the fourth wave (4), and the development of the fifth wave (5) started. Now, the third wave 3 of (5) is developing, within which the fifth wave of the lower level v of 3 is forming. If the assumption is correct, the price will grow to the levels of 235.00–250.00. In this scenario, critical stop loss level is 210.34.
Main scenario
Long positions will become relevant during the correction, above the level of 210.34 with the targets at 235.00–250.00. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 210.34 will let the price go down to the levels of 191.83–178.84.
Scenario
-
Timeframe
Weekly
-
Recommendation
BUY
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Entry Point
224.91
-
Take Profit
235.00, 250.00
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Stop Loss
221.50
-
Key Levels
178.84, 191.83, 210.34, 235.00, 250.00
Alternative scenario
-
Timeframe
Weekly
-
Recommendation
SELL STOP
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Entry Point
210.30
-
Take Profit
191.83, 178.84
-
Stop Loss
216.45
-
Key Levels
178.84, 191.83, 210.34, 235.00, 250.00
