Home Depot Wave Analysis – 16 August, 2022

• Home Depot broke resistance area

• Likely to rise to resistance level 340.00

Home Depot recently broke sharply through the resistance area lying between the key resistance level 314.25 (which has been reversing the price from the start of April) and the 61.8% Fibonacci correction of the earlier downward impulse from March.

The breakout of this resistance area accelerated the active impulse waves (iii), C and (B).

Home Depot can be expected to rise further toward the next resistance level 340.00 (former monthly high from March and the target for the completion of the active impulse wave (iii)).