Welcome aboard JimD! Let's see if we can't analyze the long-term charts for Home Depot (HD) and try to answer your question.

Home Depot (HD)

This first chart is a 20 year monthly chart. I always like to start off with a long-term trend when its been a while since the last chart review. My last update for Home Depot (HD) was at least a couple years ago. That can be evidenced by the black Fibonacci Extension Tool. Anchor Point #1 for the tool is off to the left of the screen.

Think or Swim only provides me with 20 years of chart history, but it will not erase charting tools that end up partly off the screen. Anchor point #1 for the black Fibonacci Extension Tool is October 8, 1995 at a price of $8.14. The 261.8% Target Line from the black Fibonacci Extension Tool still seems relevant as far as the closing share price for the last 2 months.

There is no real confluence area of Target Lines from the 3 different Fibonacci Extension Tools, so I will instead just focus on the most recent uptrend that began at the $120 price level back in November 2016.

The uptrend that began back in November 2016 looks to be forming a Bullish Impulse wave pattern. The green Fibonacci Extension Tool can be used to estimate the end point for Wave 5 of the Bullish Impulse wave pattern.

It is possible that the wave pattern extends and reaches higher, but the conservative price target for when the uptrend resumes is the….

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I review some long-term price targets and support areas for its current pullback.

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