Elliott Wave Analysis of Home Depot shows some interesting possibilities. I recollected having posted on Home Depot some time ago, and looked it up. I suggest that you do the same, as it is a learning experience. That old post which appeared on Forbes did not work out as anticipated. The dip was shallow and the stock started climbing again. What did we learn from that? (a) There are no guarantees in the market (b) We should always have a stop (c) We should be willing to turn around and do the opposite if the wave count shows an extension is in progress. However, these are easier said than done. In spite of these difficuties, I can confidently say that few other approaches to the market gives as good results as Elliott Waves. Hence, we should take such adversity in our stride, and profit from those instances where it works.
Today I am presenting you with several Elliott Wave charts of Home Depot. There are comments on each of them, explaining my wave counts. Study them and see how I am arriving at my conclusions. An easy way to read them quickly is to open each chart in a new tab and then look at them one by one. As always, WaveTimes is a place where you come to learn Elliott Wave analysis. Good luck.
Thank you very much for sharing your knowledge. I just bought your e-book recently. I can only say you are simply amazing. I will often come to this blog to learn more.
I feel the Wave v of wave 3 in the weekly chart is not complete. I expect one more testing of the highs before wave 4 starts
Following the principles laid down in FWTFF , my analysis for HD and AAPL
HD is completing wave 3 in the weekly chart (to be exact still in wave 5 of 5 of WAVE 3 -likely to go up a little) and should start wave 4 down in a day or two to at least 53.00
AAPL is completing Wave 4 ( likely to go back to 440 in wave 5 of wave c of the WAVE 4) . From there WAVE 5 should take it back to 700.
I expect HD to retest $ 68 to complete WAVE 3 in the weekly chart.
It is a good time to place a limit order to short HD @67.90 , stop @ 70.00 , target @ 53.00 (risk reward 1:7)
Limit order filled ,now trade the plan !
Hi Job, You might be better off giving HD a little bit of additional room on the upside. But good luck.
Sir, how do you see HD now. It reached 1.0 extention of the last leg up recently do you think it still has some room to grow. There are other projections with 1,5 at 89.68. This seems to be too extended.