Global indexes are all at sentiment extremes investers are going to flee due to the general market's bias which should see the dow alot lower by the next few years, I see what you mean by saying MCD remained solid during 2008 but the pattern in which it unfolded (a triangle) it being a continuation pattern, it could have foretold and warned investers that stocks were up for a bounce in 2009 as 98% of them were bears at the march 2009 bottom which resulted in massive loses to most investers, a triangle according to the wave principle is followed by the final move of the sequence which started from the extreme low visible on the chart above. Right now we have the same story but in reverse not 98% but we've had a peak of 94% bulls in april. Under such market extremes wave counts in terms of the elliott theory that support declines should be favored considering the broad possibilities that the wave principle offers. It could continue a little higher MCD, but it will prove marginal relative to the upcoming declines which should take us down to atleast 60.