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I believe CVS climbed astronomical heights from its humbe wave 1 beginning. Since then, price has corrected in a downward bullish wedge formation. Would this be the time to be taking buying or selling actions? The correction could still make an incremental lower low; however I've always believed that the best time to take buying actions is at the terminal end of a correction.
With the subwaves filled in, the blue waves complete the white wave 3. The downward corrective wedge is labeled as ABCDE (red). IF wave E is complete, a breakout from the wedge pattern should occur soon. The MACD has also made a higher low while price made a lower low and thus a bullish divergence is playing out.
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Elliott Wave Counting Tutorial #1
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