CVS Continues to Head Lower, Walgreens Remains in a Wedge $CVS $

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CVS ($CVS) Daily: $CVS appears to be on its wave 4 corrective move before starting and completing the final Elliot Wave , shown in this daily chart . Wave 3 retraced back to 0.618 fib level as it was expected, and appears to coil between $75-85 range for the time being. A break below the $75 level would indicate a move to its target of ~$60 price target.

Walgreens ($WBA) doing much better than its competitor, remains in a wedge for the past year and half, perhaps awaiting the outcome of the Rite Aid merger, at this point which remains very shaky. MACD appears to be rolling over a bit here, while RSI both on the weekly and daily proves to be inconclusive. A break below the wedge channel support would almost certainly show a test of the $75 support level , while a break above would probably retest the $97 highs. No reason to get greedy and flip a coin here and guess; being patient here and chasing momentum would prove to be the better course, as technicals do not provide a direction either way at this point in time.

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