Break-Outs To All Time Highs: Part 1, MCD
Remember the old TV Show "Superman"? It started by the announcer saying..."It's a bird. No, it's a plane. No, it's Superman". I started this narration by pointing out that sometimes XABCD patterns are not perfect, but if you examine them closely, they give you clues as to upside breakouts to all time highs. This is the chart of McDonalds. It had been going sideways for three years. After the mini-crash in August of 2015 I noticed an imperfect XABCD pattern in MCD. Just as superman was not a bird or a plane, I did not find a perfect Gartley, bat, butterfly, or crab. BUT, what is important was I recognized a very bullish pattern, XABCD, and I used a C to D impulse leg Fibonacci projection to realize that this might be a 2618 trade. The lower indicator is Vortex, and, in a sideways market, this will go red over green, and then back. Very seldom will this indicator stay positive (green over red) unless there is a new trend starting. The rest is history, as McDonalds went on to 2.618 Fibonacci and all time highs. THIS WAS A MOVE FROM $88 TO $124. Yours for better trading, Don.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.