McDonald's $MCD is falling sharply this week after failing to pushing above recent resistance around $220-$221. This move signals a period of consolidation or bearish correction ahead.

MCD Daily Chart

(click to enlarge)

Bearish Correction:
- The bearish price action is strong, completing the August price top. 
- It is already cracking the August low around $210.
- There is relatively strong volume accompanying this dip.
- Also, the RSI is cracking 40, which reflects loss of the prevailing bullish momentum.
- If $215-$216 becomes resistance, we can have more confidence of a bearish correction ahead.
Support:
- If price does extend lower, I think there could be support around the $200 psychological level. Support here would be well within the context of a long-term bullish trend.
- If not, I would not expect price to fall below the $190 area.
- This $190 area was a previous resistance, and should hold as support in a long-term bullish trend. 
- I currently have no exposure in MCD (I have exited all positions by $205.
- Now with this pull back, I am getting dry powder ready around $200 and around $190.