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McDonald’s (MCD) is recovering after an A-B-C drop in wave four down to 284, where the correction ended as we discussed last time. It now seems bulls are back in control, especially as price is
retesting the upper trendline of the corrective channel, which in my opinion should be broken in the next few weeks, opening the door for new highs. On dips, opportunities may show up
as wave B unfolds, with support to watch around the 300 round figure. The trend remains bullish as long as the market trades above the 283 invalidation level.

Highlights:
Trend: Bullish after completed wave 4
Support: 300
Invalidation: 283
Note: Retesting trendline; possible breakout

(Click on image to enlarge)

MCD Daily Chart

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