MDT – Medtronic, Inc.

Updated May 29, 2019

Before going into the more recent price action, lets go back in time and see the Cycle-1 and Cycle-2 waves. C1 topped, like all other tech stocks, in 2000 and then went into an almost decade long corrective phase: C2. Wave C1 is a clear impulse, while C2 is a clear corrective ABC structure. This C2 -like almost all other stocks- ended in 2009 and since then MDT has been impulsing higher. See next chart

First two cycle waves

So, what is happening now? IMHO it appears MDT is finishing an ending diagonal major-5 wave to complete Primary III of a new Cycle-3 wave. Ideally we’ll see one more push higher and then a relapse (red path), BUT a break below the lower white trendline means blue Primary III already topped and IV is underway to around mid-60s. Normally diagonals are five overlapping waves, but off the yellow major-4 low it is possible to count already five up to the late-2019 high. So caution is advised here; watch that white lower trend line for a break to tell lower prices are ahead, while a break above $95 targets $105ish.