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.
