Welcome to our latest Elliott Wave analysis for The Home Depot (HD)
This analysis provides an in-depth look at HD's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on HD's market behavior.
HD Elliott Wave Analysis Trading Lounge Daily Chart,
The Home Depot,(HD) Daily Chart
HD Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Minor wave 3.
DIRECTION: Downside in Minor 3.
DETAILS: Looking for downside into minor wave 3, with equality of 3 vs. 1 at 288.
HD Elliott Wave Technical Analysis – Daily Chart
In our Elliott Wave analysis of The Home Depot (HD) on May 27, 2024, we observe an impulsive trend characterized by a motive structure. HD is currently positioned in Minor wave 3, indicating downside movement in Minor 3. The equality of 3 vs. 1 suggests a target at $288. The daily chart shows a bearish trend as we move into Minor wave 3. Traders should watch for price action near this level to confirm the continuation of the downtrend.
HD Elliott Wave Analysis Trading Lounge 4Hr Chart
The Home Depot, (HD) 4Hr Chart
HD Elliott Wave Technical Analysis
FUNCTION: Trend
MODE: Impulsive
STRUCTURE: Motive
POSITION: Wave {i} of 3.
DIRECTION: Pullback in wave {ii}.
DETAILS: Looking for a pullback in wave {ii} to then look shorts from. Volume diminishing suggests we could be near the end of {i}.
HD Elliott Wave Technical Analysis – 4Hr Chart
On the 4-hour chart, HD is following an impulsive trend within a motive structure, specifically in wave {i} of 3. The current analysis shows that we are looking for a pullback in wave {ii} to then.
Technical Analyst: Alessio Barretta
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