Shorting McDonald's

I'm Loving It

I am buying puts for November, December and January. I just added November $240 strike puts. I do not use stops, but will get out if it moves above that green trendline and the broader market looks unsupportive of bearish positioning. I hesitate to give a downside target, but I believe when this finally breaks, we’re looking at losses that will eventually total 50 percent or more. For now, I’m only looking on catching the wedge break. The wedge support is now at $240 area and the 52-week low is final support before a plunge. Losses will mount quickly once these levels are taken out.