SUMMARY
Here is Home Depot (HD) the arch nemesis of Lowes (LOW). Would you be a buyer at this point? The chart is showing that five waves are likely placed. Wave 5 went vertical and that is never sustainable. The key is as to how deep the correction might be. It usually regrades to prior wave 4 but yes, it can go deeper than that.
The subwaves have been filled in and shows that the highere degree of trend waves (white) are qualified. For now, I've labeled the ABC conservatively but given the needle peak of wave 5; there are no buyers to be found. The MACD is expected to rise for the B wave bounce and decline again with the C wave. Let's see what the next few months bring.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Tutorial on the use of Fibonacci & Elliott Waves
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