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: We are looking for upside potential in wave 5 as we have just broken through Trading Level 1 at 1000$. The Alternate suggests we have a wave 5 in place where {i} stands and we are in a wave {b} of a flat correction. Tested support on top of 1000$ would provide additional confirmation for the bullish scenario.

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: Looking for continuation higher as we seem to be unfolding into wave {iii}. We could expected soon a series of threes and fours.

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 (COST) shows strong upside potential as wave 5 progresses. After breaking through the key TradingLevel1 at $1000, we expect further gains. An alternate scenario suggests wave 5 may already be in place where wave {i} stands, and we could be entering wave {b} of a flat correction. A successful test of support around $1000 would provide additional confirmation for continued upside momentum in this bullish scenario.

* COST Elliott Wave Technical Analysis – 1H Chart*

We are looking for a continuation of the bullish trend as wave {iii} unfolds. In the near term, we may expect a sequence of threes and fours, suggesting the possibility of minor corrections before further gains.

Technical Analyst : Alessio Barretta

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