SUMMARY
Home Depot (HD), the DIY source for all Americans! The price of HD has been soaring and is expected to rise higher and higher and that's probably where the mistake lies. Elliott Waves show that wave 1,2 and 3 are likely complete. The blue subwaves also seem to indicate the same; that all higher degree of trend waves (white) have likely bee fulfilled by the subwaves. That leaves waves 4 and 5.
It seems like HD is in the midst of a wave 4 correction. IF this is correct, the ABC (red) could pattern out a potential downward wedge; though it could be any of 34 possible cominations. Is this a crash scenario? It's a corrective scenario for wave 4. Once complete, the MACD should start rising to support higher prices ahead for wave 5.
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