Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

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Wednesday, June 6, 2012

Home Depot (HD) - Resuming correction. 2012.06.06



Home Depot shares price reached the $50.00 area by the end of May but the bears proved to be stronger and pushed the price down for what it could turn into a three wave correction on the mid-term.

As expected in the previous analysis ( http://markettechnicalview.blogspot.ro/2012/05/home-depot-inc-hd-in-mid-term.html ) the rise in the end of May formed the middle move of the zig-zag corrective pattern. The price move of the last few weeks is more and more resembling with an AB=CD pattern that aims for the $43.40-$44.00.  

The T1 trend line is acting as a good support for the price and it ties in with the 38.2% retracement level of the August 2011 –April 2012 ascending move.  


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