After the price slump following the last quarterly earnings hornbach consolidates. Given the daily chart this slumps was the 5 of a potential bullish wolfe wave now ready to break out.
Either the wave (iii) is finished and the wave (iv) already corrected enough
or the wave (iii) is extended and this is only the first wave that we completed. In this case, the correction could reach the red support
One strategy may be to buy 50% at around 92
then reinforce either on the red line if that goes there (around 87)
or above 100€
trade idea:
5 (c) ii may be finished
order @ 80,65 if that goes down to the 23,6% fibo
stop @ 77 (wave 2)
order > 87,35 (wave 4) which would confirm that the correction is over
stop @ last low (wave 5) = 82,35 now
Targets
103,95
110,95
144 long term
