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Elliott Wave Technical Analysis of Home Depot (HD) [Video]

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HD Elliott Wave Analysis Trading Lounge Daily Chart.

function: tendency.

mode: Impulsive.

structure: Move.

position: Minor wave 3.

direction: Minor 3 flaws.

detail: We are expecting a drop into minor wave 3, with a 3:1 balance at 288.

HD Elliott Wave Technical Analysis – Daily Chart

An impulsive trend featuring a motive structure is observed in the Elliott Wave analysis of Home Depot (HD) on May 27, 2024. HD is currently positioned in minor wave 3, which indicates a downtrend in minor wave 3. A 3 to 1 equivalence suggests a target of $288. The daily chart is showing a bearish trend as it moves into minor wave 3. Traders should watch out for price activity around this level for confirmation of the continuation of the downtrend.

HD Elliott Wave Technical Analysis – 4-Hour Chart

On the 4-hour chart, the HD is following an impulsive trend within the motivational structure, specifically wave {i} of 3. Current analysis shows that we are expecting a subsequent pullback in wave {ii}.

function: tendency.

mode: Impulsive.

structure: Move.

position: Third wave {i}.

direction: Pullback in wave {ii}.

detail: Wait for a pullback in wave {ii} to look for shorts. Decreasing volume suggests the end of {i} may be near.

chart

Welcome to our latest Elliott Wave analysis of Home Depot (HD) as of May 27, 2024. In this analysis, we use the Elliott Wave Theory to provide an in-depth analysis of HD’s price movements and help traders identify potential opportunities based on current trends and market structure. We feature insights from both the daily and 4-hourly charts to provide a comprehensive perspective on HD’s market movements.

Elliott Wave Technical Analysis of Home Depot (HD) [Video]

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