The Home Depot (HD) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

HD Elliott Wave technical analysis

Function: Trend.
Mode: Motive.
Structure: Impulsive.
Position: Wave 3 of (3).
Direction: Upside into Wave 3.

Details:

Expecting acceleration higher into Wave 3 of (3) to confirm the presence of a third-of-a-third wave.
As long as pullbacks remain corrective three-wave moves, we can anticipate further upside momentum.

HD daily chart analysis

HD Elliott Wave technical analysis

Function: Trend.
Mode: Motive.
Structure: Impulsive.
Position: Wave {iv}.
Direction: Bottom in Wave {iv}.

Details:

Looking for a bottom in Wave {iv}, which could already be in place if the correction unfolded as a complex structure.
Alternative scenario: The market could still be forming Wave iv of (c) of {iv}, indicating a possibility of further downside before resuming the uptrend.

HD one-hour chart analysis

Summary of HD analysis

The Elliott Wave analysis for The Home Depot (HD) suggests that the stock is currently in an impulsive structure within Wave 3 of (3).

Daily Chart: We anticipate further upside momentum, provided that corrections remain three-wave pullbacks.
1-Hour Chart: We are closely monitoring Wave {iv}'s bottom formation. If confirmed, the uptrend may resume soon.

This analysis provides insights into HD’s trend structure based on Elliott Wave Theory, helping traders and investors align their strategies with the stock's projected movements.

The Home Depot (HD) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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