The share price of McDonald's $MCD has been consolidating since early in the year after price rallied to $178. It came down to $148 at the start of March before rebounding (this was the June low and support). After a failed attempt to climb back towards the $178 high, price appears to remain in consolidation/correction mode. MCD Daily Chart(click to enlarge)Bearish Signs:- First, the failure of the bullish attempt in June is a clue that bears are in charge.- The RSI never came up to 70, reflecting weak bullish momentum within the consolidation period.- The recent failure to climb back above $165 is another confirmation that bears are in charge.- Sharp bearish price action over the past few sessions confirms that MCD is indeed still in consolidation/correction mode.- Within this context, we should anticipate downside back towards the March low around $148.- As the weekly chart suggests, an ABC correction scenario would target the $140 mark. MCD Weekly Chart(click to enlarge)