$HD – At an Area of Interest –
UPDATE
The 15-day candle closed as a doji, suggesting indecision.
The 5-day candle closed today as a piercing line, and if it is confirmed with the next candle closing over the body of the red candle, then a short term bottom will be in place.
Until the body of a daily candle closes over that yellow line, then the bearish pressure from that bearish engulfing candle will remain.
Still awaiting a trigger. Until then, just observing PA.
GLTA!
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The 15-day candle closes tomorrow, and if it remains as a bearish harami combo, then it will have a very similar set-up as the last significant top (circled).
PA is extremely close to the area of interest, and if a trigger to go short is identified, then the alert will be send to Discord followed by a write up that will be sent out as soon as possible. The above red path will be invalidated with PA above that white line.
GLTA!
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Previous Write-Ups Below:
HD has a collection of bearish messages on the daily tf. The ones that stand out to me the most are the gravestone doji that was bearishly engulfed by the next candle. IMO – that’s a message.
Above is the weekly candle perspective with the EW count. The yellow (C), around $180, is the target – timing of late June 2024. So far, the weekly candle is a bearish continuation candle – I don’t foresee this changing by tomorrow’s close.
If the area of interest highlighted below can be visited, then there will be a set up to go short. Stop at recent highs of $338
In the Discord today, it was alerted to nibble at puts once PA reached that white (a), as this could have been all the retracement HD was willing to put in before exploring lower prices.
If one were interested in puts, then 21 June with a strike of $260 offers a decent play, IMO.
Long-term EW count is above. I will note that if this is indeed a Super-Cycle Wave Two (SCW2) for HD, then this SCW2 should be long in duration, suggesting this corrective yellow (ABC) is actually only the A wave of a much larger corrective cycle that will not end until the end of this decade or in early 2030s.
GLTA!
Trading involves risks, and you are responsible for your own actions. The above is for entertainment purposes only, and does not constitute a recommendation for this instrument or any other alike instruments.
