HD Elliott Wave Analysis Trading Lounge

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: Looking for upside into what could be an extended wave {v} towards the next Trading Level at 500$.

The Home Depot, (HD) 1H Chart

HD Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (iv) of {v}.

DIRECTION: Upside in wave {v}.

DETAILS: Here’s an alternate highlighting the possibility of a bottom in wave {iv} in place at 380$ and a five wave move into wave {v} unfolding to the upside.

This analysis focuses on the current trend structure of The Home Depot, (HD) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements.

* HD Elliott Wave Technical Analysis – Daily Chart*

The daily chart suggests that HD is advancing in an extended wave {v}. This wave is expected to push higher towards the next key resistance area at TradingLevel 500$. The current structure indicates strength in the trend, and the upside potential continues as wave (iii) within wave {v} unfolds.

* HD Elliott Wave Technical Analysis – 1H Chart*

On the 1-hour chart, there is an alternate scenario suggesting that wave {iv} has already found a bottom at $380. A new five-wave move is expected to unfold as wave {v} pushes higher. This supports the bullish view that HD is on track to continue its upward trend.

Technical Analyst : Alessio Barretta

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