Hamilton's E-Wave Analysis

HD, Home Depot

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The symmetry in this stock’ ups and downs is quite remarkable. Ever since the 2/3 drop from the peak at $60+ the stock appears to have traced out a very nice counter-trend correction, a-b-c where all three legs are equal. If this is the correct interpretation, the next major move should be down with a target of about $14 assuming a proportionate drop for wave C (2/3 off $40).

The short-term chart does support this conclusion. Both the RSI and MACD are getting a little rich and the stock is right on a trend line.