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McDonald’s Corp., this one could be a good buying opportunity

On the chart of McDonald’s below you can see a clear 5-wave impulse to the upside with a fifth wave extension. 5th wave extensions are usually retraced completely, which means that the following correction leads the price back to the level, where the extension started – the end of wave 4. As shown on the chart, this condition is fulfilled. The retracement  has the structure of a triple zig-zag W-X-Y-X-Z, developed in a corrective channel. So, the Elliott Wave cycle 5-3 is complete and another rally is highly probable.

McDonald's



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