HD: Still in an uptrend, but large correction loomingI know this sounds crazy, but I have been eyeballing HD for potential Short for a bit. Home Depot is a leading indicator that the economy or housing market is taking a turn. If we see the economy and housing market pull back near the end of 2020 as many predict, we could see a correction all the way down to its larger, ascending support, all the way down to the $180-185 range. Here's how it may turn out... forgive my cool arrow art.
We are currently in a short term uptrend, howver, the current support line has broken through. This could simply be a throw under as we have bullish divergence on the daily and the FIBs show a nice rebound zone here. I think we may see home depot pop back up again temporarliy. However, if we do not establish a higher high, or hit the same high as before and start a double top pattern, we could be in for a ride down to the major support line.
