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McDonald’s Corp., Elliot Wave Analysis

1/6/2023 10:03 AM

The price is in a correction and may grow.

On the daily chart, the fifth wave of the higher level (5) develops, within which the wave 1 of (5) formed, and a downward correction ended as the second wave 2 of (5), shaped as the double thrice w-x-y. Now, the development of the third wave 3 of (5) has started, within which the first entry wave of the lower level i of 3 has formed, and the development of the local correction as the wave ii of 3 is ending. If the assumption is correct, the asset will grow to the area of 295.00–314.20. In this scenario, critical stop loss level is 250.40.

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