Wide Diamond and the similar formation (4-3w-1-2) aren't bad plays against the 4-4-2 classic. You each have two players in the central midfield. Your DMC will mark only one of the 2 MC's which leaves the midfield exposed if he chooses play through the middle. However, if he chooses to use red arrows on his MC's, he hurting his chances of neutralizing your AMC, which makes the midfield situation a wash.
Also when facing 4-4-2, I think its very important to reinterate what Nikolgiorgios said above. A hard counter for the 4-4-2 classic doesn't exist, but their are formations that do matchup fairly well with it, but that depends largely upon the form of your players.
I found this. It's very good.
Top 10 Top Eleven Tips to be Always the Champion !!!
https://youtu.be/N-Batd87aik