Elliott Wave Technical Analysis: Costco Wholesale Corp., Thursday, Nov. 3

Elliott Wave Analyst - tradinglounge • Nov 3, 2022 at 8:48 AM EDT

Costco is moving lower as predicted in the last forecast. We will have to find out whether we are already into an impulsive move such as in wave 3 or else we are still correcting wave 2.

Costco Wholesale Corp., Elliott Wave Technical Analysis

Costco Wholesale Corp., (COST): Daily Chart, November 3 2022,

COST Stock Market Analysis: Moving lower as predicted in the last forecast. We will have to find out whether we are already into an impulsive move such as in wave 3 or else we are still correcting wave 2.

COST Elliott Wave Count: Wave {b} of 2.

COST Technical Indicators: Reacted from the 200EMA.

COST Trading Strategy: Waiting for an upside move if we will eventually develop into a wave{c} or else if we break the green line we can start looking for shorts.

TradingLounge Analyst: Alessio Barretta

Costco Wholesale Corp., COST: 4-hour Chart, November 3 2022

Costco Wholesale Corp., Elliott Wave Technical Analysis

COST Stock Market Analysis: It is pretty clear that the move up in wave {a} was a three wave move as shown.

COST Elliott Wave count: Wave (c) of {b}.

COST Technical Indicators: Below all EMAs.

COST Trading Strategy: Waiting for further developments, we will most likely get some kind of support within the area of wave ii of (c).

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