Home Depot may have just completed a very long-term “third wave thrust” to the upside when it peaked out at $117.99 in March. Going back to the inception of HD’s trading back in December of 1991, the $115.31 level represented at 138.2% Fibonacci price projection line for this third wave on a monthly chart. The fact that HD traded above that level intra-month and then closed back below that level (for the second month in a row, by the way), lends credibility to the idea of this being a short-term peak for the stock. There are two possible pullback scenarios from here: first, a pullback to around $107 which would then be followed by a move up to the next Fibonacci projection at $131.56; or, a deeper correction down to $91 which would only be followed by a retest of the $115.31 resistance. Much of that may depend on whether the S&P holds support at 2030 (on the futures). Watch the action carefully at around $107.