Home depot Wave Analysis – 16 November, 2021

• Home depot broke resistance level 373.5

• Likely to rise to resistance level 400.00                                                                  

Home depot opened today with the sharp upward gap breaking above the resistance level 373.5 (upper border of the sideways price range inside which the price has been moving from October).

The breakout of this price range should accelerate the active short-term impulse waves (iii) and 5 of the longer-term impulse wave (C) from June.

Given the clear daily uptrend, Home depot can be expected to rise further toward the next round resistance level 400.00 (target for the completion of the active impulse wave (C)).