McDonalds - Dividend Aristocrat to Correct by 30%?

Are we about to observe similar drop for the global giant MCD that we saw in 2020?

These are few points that may trigger it:

Fundamental indicators:

• Recession - warning macro signals suggest that world economies are slowing down and recession is possible within a year, this may be reflected in the forecast of the company, like any other in S&P500
  
• Eastern Europe conflict - suspension of business in Russia will certainly have an impact on earnings
  
• P/E - is quite high at 25x and possible correction may let some steam out of the overpriced stock
  
• Liabilities - rising against assets and equity which may be at uncomfortable levels for investors
  

Technically:

• Since the significant drop we saw in 2020 there was a hype in the market linked to Fed 'money printing', however the bull run is difficult associate with an impulse. Hence this is a complex running correction forming with double zig-zags. And one of the distinctive points of this correction is that waves W and Y are very symmetrical and of the similar amplitude
  
• The potential correction may be very rapid after the earnings report and reach levels of $190 to $170.
  

Alternative scenario - if the report comes out positive then wave X may continue extending and to update current highs before repeating this significant correction

What are your thoughts about this scenario?

Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves.

Thanks

Comment:

The correction that is presented in this idea may be very similar to the one experienced in Starbucks