The Home Depot (HD) Elliott Wave Analysis – Trading Lounge Daily Chart Analysis
HD Elliott Wave Technical Analysis
Function: Trend
Mode: Motive
Structure: Impulsive
Position: Wave 3 of (3)
Direction: Upside into Wave 3
Details:
We anticipate a strong acceleration higher into Wave 3 of (3), confirming the presence of a third-of-a-third wave. As long as price pullbacks remain corrective three-wave structures, further upside momentum is expected.
The Home Depot (HD) Elliott Wave Analysis – Trading Lounge 1-Hour Chart Analysis
HD Elliott Wave Technical Analysis
Function: Trend
Mode: Motive
Structure: Impulsive
Position: Wave {iv}
Direction: Bottom in Wave {iv}
Details:
We are closely monitoring the bottom formation in Wave {iv}, which may already be established if the correction unfolded as a complex pattern.
Alternative Scenario: The market might still be completing Wave iv of (c) of {iv}, which could result in additional downside before the primary uptrend resumes.
Technical Analyst: Alessio Barretta
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Summary of HD Analysis
The Elliott Wave outlook for The Home Depot (HD) stock suggests an ongoing impulsive structure within Wave 3 of (3), supporting a bullish trend.
- Daily Chart: The price action is expected to remain strong as long as corrective moves follow a three-wave pattern, maintaining the overall uptrend.
- 1-Hour Chart: A confirmation of Wave {iv}'s bottom could signal the resumption of the uptrend.
This Elliott Wave analysis provides valuable insights into HD's market trend, helping traders and investors align their strategies with the expected price movement.