Will COST Provide Any Short Term Trading Opportunity?

Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China & Taiwan together with its subsidiaries. It offers branded & private-label products in the range of merchandise categories. It also operates e-commerce websites in the US, Canada, UK & many other countries. It is based in Issaquah, Washington, comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.

COST react higher as expected from previous article, favoring upside in 3 of (3) of ((3)). Currently, it favors upside in ((v)) impulse to finish 3 soon before correcting in wave 4 against late October-2023 low.

COST - Elliott Wave View From 12.25.2023:

In weekly sequence, it placed ((II)) at $406.51 low & favors upside in (3) of ((3)) of I & remain supported in 3, 7 or 11 swings pullback in correction. Above ((II)) low, it placed ((1)) of I at $564.75 high & ((2)) at $447.90 low. It placed (2) of ((3)) at $465.33 low & favors upside in (3). Within (3), it ended 1 at $576.19 high as 5 swing sequence & 2 at $540.23 low as shallow correction. Above there, it favors upside in 3 of (3), in which it placed ((i)) at $599.89 high & ((ii)) at $572.24 low. It extended higher in ((iii)) of 3, ended at $681.91 high & ((iv)) at $640.51 low.

COST - Elliott Wave Latest Daily View:

Above ((iv)) low, it favors upside in ((v)) to finish 3 of (3) towards $719.7 or higher levels. Later, it expects pullback in 4 in 3, 7 or 11 swings, which remain supported at extreme areas before it resumes higher in 5. We like to buy the dips at extreme areas in correction for next rally.

COST - Elliott Wave Latest Weekly View: