McDonald's $MCD has been in a sharp correction since the end of January. It is a much more dramatic correction than the overall stock market correction.MCD Daily Chart(click to enlarge)Sharp Correction:- In one fell swoop, MCD fell below the key moving averages and pushed the RSI from 70 to 30. - After a little pause, it fell further to the June 2017 low around $148. - Since touching that level, price has rebounded sharply.Key Resistance:- On the daily chart, we can see that the $161.70-$163 area is a key support/resistance pivot area, coinciding with the 200-day simple moving average.- The resistance here discouraged bulls, and price slid during the 3/19 session.- Note that the RSI held under 60, which is a sign that the bearish momentum is still in play. - I think we can see price back to $148, with possible of extending lower towards $140. - For now, the strongest bearish outlook should probably be limited to around $135.