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
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.