Elliott Wave Analysis: The Home Depot (HD)
This analysis highlights the current trend structure of The Home Depot (HD), leveraging the Elliott Wave Theory on both the daily and 1-hour charts. Below is a comprehensive breakdown of the stock's positioning and possible future trajectories.
HD Elliott Wave Analysis – TradingLounge Daily Chart
The Home Depot (HD) Daily Chart
HD Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {v}
Direction: Upside in wave (iii) of {v} of 3
Details: Anticipating an upward extension in wave {v} toward the next Trading Level of $500.
HD Stock Analysis Summary
The daily chart analysis suggests that HD is progressing within an extended wave {v}, targeting the critical resistance zone at Trading Level $500. The ongoing wave (iii) within wave {v} reflects a robust upward trajectory, confirming strength in the current trend. This projection aligns with the bullish outlook for further upside potential.
HD Elliott Wave Analysis – TradingLounge 1-Hour Chart
The Home Depot (HD) 1H Chart
HD Stock Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (iv) of {v}
Direction: Upside in wave {v}
Details: Alternate scenario identifies a bottom in wave {iv} at $380, followed by a five-wave move unfolding into wave {v} on the upside.
The Home Depot Stock Analysis Summary
The 1-hour chart provides an alternate view, indicating that wave {iv} has likely established a bottom at $380. This paves the way for a five-wave move within wave {v}, supporting the bullish sentiment of continued upward movement. This scenario reinforces the trend outlook that HD is positioned to climb further.
Technical Analyst: Alessio Barretta
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Key Takeaways
- Daily Chart Focus: Extended wave {v} aiming for $500.
- 1-Hour Chart View: Wave {iv} bottom at $380, with wave {v} moving higher.
- Trend Analysis: Both charts confirm an overall bullish trajectory for HD, supported by Elliott Wave structure and technical analysis.