12Dec

The Home Depot (HD) Stocks Elliott Wave Technical Analysis: Focusing on its Bullish Momentum and Key Levels at $500 Target

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.

The-Home-Depot-1D-St...


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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See Previous: FTNT Elliott Wave Technical Analysis 

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The-Home-Depot-1h-St...


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.

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