Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Intermediate (C).
Direction: Bottom in wave (2).
Details: We are looking at a potential bottom in wave C of (2) as volume also seems to be suggesting. In order to turn bullish again we could need to start finding support on TL3 at 300$.
MCD Elliott Wave technical analysis – Daily chart
Our analysis reveals a counter trend function characterized by corrective mode and flat structure, positioned in Intermediate (C). The direction indicates a potential bottom in wave (2). We observe volume patterns suggesting a reversal. To regain a bullish outlook, we may require to establish support around TL3 at $300.*
MCD Elliott Wave technical analysis – Four-hour chart
Here, we identify a counter trend function marked by corrective mode and flat structure, positioned in Wave {v} of C. The direction suggests a potential bottom in wave C. We observe a five-wave move to the downside, possibly indicating the completion of wave C. Additionally, there is support observed above 1.618 C vs. A.
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave {v} of C.
Direction: Bottom in wave C.
Details: We can identify a five wave move to the downside into what could be the end of wave C. We are also seeing support on top of 1.618 C vs. A.
