[MCD] peak watch update

Model from the backlink is below.



The above was looking for a peak in the $116 region.  Below is actual.  Note that the orange annotation was put in place over a week ago, the red is the only part that is new.  So now we have a 5th wave up which also forms a rising wedge.  The throw over broke back down into the channel with gusto (a gap) and is now back testing the upper rail from below.  This is not bullish, sports fans.  Both EWI and Avi are calling for higher highs in the major indices but I strongly question their counts given the situation here with mickey D.  I just don't see how such an important bellweather stock can show the kind of weakness I'm seeing and still have the broader indices be in good shape.  I own mcd puts: jan 2016 70s, the mar 2016 80s and the jan 2017 70s.  I'll be buying a lot more of the 2017s if we get the expected declining double top as shown below.  MCD is no more a pillar of strength than WMT.  Do you remember when the talking heads could say nothing but good things about the dominance of wally world?  I mean, can do no wrong.  Now their very business model is in question.

Soon enough mickey d will get the same treatment.  Not because the business model is in question but simply because that's how the herd rolls.