COST Elliott Wave Analysis Trading Lounge

Costco Wholesale Corp., (COST) Daily Chart

COST Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave {iii} of 5.

DIRECTION: Upside in wave 5.

DETAILS: Looking for upside into wave {iii} as we have broken above Trading Level 1 at 1000$. At this point we are looking for at least equality of {iii} vs. {i} at 1150$.

Costco Wholesale Corp., (COST) 1H Chart

COST Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave iii of (iii).

DIRECTION: Upside in wave {iii}.

DETAILS: We are extending higher into a third of a third of a third and the angle of ascent seems to be confirming the count. Looking for a series of waves threes and fours to follow.

In this Elliott Wave analysis, we will review the trend structure of Costco Wholesale Corp., (COST) using both the daily and 1-hour charts to assess the current wave position and potential price movements.

* COST Elliott Wave Technical Analysis – Daily Chart*

Costco Wholesale Corp. (COST) is currently in an impulsive wave {iii} of 5, indicating further upside. After breaking above the key resistance at TradingLevel1 of $1000, the next significant target is at $1150, where equality between waves {iii} and {i} is anticipated. If wave {iii} continues its trajectory, this could lead to even higher targets before a possible pullback in wave {iv}.

* COST Elliott Wave Technical Analysis – 1H Chart*

On the 1-hour chart, COST is unfolding in wave iii of (iii), which represents a powerful upward movement within the third wave of a larger degree. The steep angle of ascent suggests that the count is accurate. We anticipate a series of smaller corrective waves (threes and fours) within this wave, as the trend continues to extend higher.

Technical Analyst : Alessio Barretta

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