KO, MCD, NKE & More Highlighted In Our Video

The Coca-Cola Company (KO) is potentially in a leading diagonal up off the late June low.  If it begins to prove itself more, then we have to assume that low is where the wave 2 completed.  So I'm open to a bottom in place, although I would prefer one more trip lower into our target support region in the 44 to 41 area for a slightly better entry as far as the long side.

McDonald's Corporation (MCD) continues to cooperate with expectations that we have a leading diagonal off the March low complete into the June a-wave highs here.  Price is still working on a corrective pullback as wave b into our target support region between 168 and 150, probably holding near the higher end of that target support at this point.  It might get a little bit higher here in the second (b-wave) of the a-b-c move in wave b, but I fully expect it to turn back down in wave c of the wider flat for this b-wave correction off the June high.

Other stocks covered in our Charts of the Day video are NIKE, Inc. (NKE), The Procter & Gamble Company (PG), Johnson & Johnson (JNJ), The Home Depot, Inc. (HD), Verizon Communications Inc. (VZ) and Starbucks Corporation (SBUX).

View our Charts of the Day Video here.

Garrett Patten is a senior analyst at ElliottWaveTrader covering both U.S. and international equity indices as well as stocks.