HD Elliott Wave Analysis Trading Lounge Daily Chart,
The Home Depot, (HD) Daily Chart.
HD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: ZigZag.
Position: Minor 3.
Direction: Acceleration in wave 3.
Details: It looks like we have completed a clear three wave move in Minor wave 2, which suggests we could be ready to resume the downtrend of the higher degree wave (C).
HD Elliott Wave Analysis Trading Lounge 4Hr Chart,
The Home Depot, (HD) 4Hr Chart.
HD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: ZigZag.
Position: Wave {i} of 3.
Direction: Pullback in {ii}.
Details: Looking for a pullback in minute wave {ii} of 3 to then continue lower. We could expect to find resistance on 350$, to then continue lower.
Welcome to our latest Elliott Wave analysis for The Home Depot, Inc. (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 technical analysis – Daily chart
n our Elliott Wave analysis of The Home Depot, Inc. (HD), we observe a counter-trend corrective pattern characterized by a ZigZag structure. HD is currently positioned in Minor wave 3 of the higher degree wave (C). The recent price action indicates that HD has completed a clear three-wave corrective move in Minor wave 2, suggesting the possibility of resuming the downtrend in wave 3 of (C). This anticipated acceleration in wave 3 could lead to significant downward movement. Traders should monitor for bearish continuation patterns as HD progresses further into the downtrend phase of wave (C).
HD Elliott Wave technical analysis – Four-hour chart
On the 4-hour chart, HD is following a counter-trend corrective mode within a ZigZag structure, specifically in wave {i} of 3. The current analysis indicates that HD is experiencing a pullback in minute wave {ii} of 3. This pullback could find resistance around the $350 level before continuing the downward trajectory. The anticipated resistance at $350 could serve as a strategic point for traders to watch for signs of the downtrend resuming. A break below recent lows following this pullback would likely confirm the continuation of wave 3.
Technical analyst: Alessio Barretta.
HD Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD retreats to 1.0700 area following post-PCE jump
After spiking to a daily high of 1.0720 with the immediate reaction to US PCE inflation data, EUR/USD lost its traction and declined to the 1.0700 area. Investors remain cautious ahead of this weekend's French election and make it difficult for the Euro to gather strength.
GBP/USD stays below 1.2650 after US inflation data
GBP/USD struggles to preserve its bullish momentum and trades below 1.2650 in the American session on Friday. Earlier in the day, the data from the US showed that the annual core PCE inflation declined to 2.6% in May, limiting the USD's upside and helping the pair hold its ground.
Gold keeps its daily gains near $2,330 following US PCE data
Gold prices maintain their constructive bias around $2,330 after US inflation readings gauged by the PCE matched consensus in May and US yields advance slightly across the curve.
BTC struggles around the $62,000 level
Bitcoin price faces pullback resistance at the lower band of the descending wedge around $62,000. Ethereum price finds support at $3,288, the 61.8% Fibonacci retracement level. Ripple price faces resistance at $0.500, its daily resistance level.
French Elections Preview: Euro to suffer after the calm, as specter of extremists, uncertainty rise Premium
The first round of French parliamentary elections is set to trigger high uncertainty. Soothing messages from the far right and far left leave the Euro vulnerable to falls. Calm may return only after the second round of voting on July 7.