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Will_Wong
Aug 17, 2018 12:09 AM

CVS- Wave 5 target at 75.49. Picture perfect Leading diagonal Long

CVS Health CorporationNYSE

Description

with perfect touches for waves 1~4, MACD just starting bullish climb, 200 ma turning upslope and clear skies.
Comments
iamericlentz
"Diagonals move within two channel lines drawn from Waves 1 to 3, and from Waves 2 to 4. A Diagonal must be contracting." wavemagician.com/rules.htm

Yours doesn't appear contracting to me? I'm probably missing something.
Will_Wong
@iamericlentz, Diagonals don’t have to. E contracting. It can be parallel or even expanding. Preferably contracting.
Will_Wong
@iamericlentz, Diagonal essentially meant moving across the page from bottom left to top right for ascending diagonals and vice versa for descending ones.
iamericlentz
@Will Wong, Hmm, other rules from that link:
"The intersection of the channel lines must be beyond the end of the pattern."
"Channel lines must converge, slope in the same direction and neither be horizontal."

Yours will never intersect because they're parallel.
Will_Wong
@iamericlentz, bTW, those are guidelines, not rules. Hope you realize that. EW has very few rules.
Will_Wong
@iamericlentz, I hope you are busy making money from my call rather than arguing with me over some guidelines. Lol
iamericlentz
@Will Wong, I totally appreciate what you're doing. My comments are less about arguing with you and more about me picking your brain on why you "break the rules." I think it would be unwise to view them as hard rules as well, but I took all of those quotes from the section entitled, "Diagonal Rules", not from the section entitled "Diagonal Guidelines".
Will_Wong
@iamericlentz, For the interest of beating this horse to death, I can easily drop the line a little and they are no longer parallel and contracting. The only reason I am calling this a diagonal is because wave 4 actually encroached on wave 1. To me that is a more significant rule. I do not try to break any rules deliberately. I am not aware that diagonals have to be contracting. Ascending wedges have to be but diagonals do not.
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