Elliott Wave Technical Analysis: Costco Wholesale Corp - Tuesday, November 14

By Peter Mathers of Trading Lounge

Tuesday, November 14, 2023 4:26 AM EDT

Costco Wholesale Corp.,Elliott Wave Technical Analysis

Costco Wholesale Corp.,(COST): 4h Chart 14 November 23

COST Stock Market Analysis: We have been looking for upside into wave 3 as has a three wave move into what seems to be Minor wave 2. Now looking for upside resumption as we managed to break previous highs.

COST Elliott Wave Count: Wave {i} of 3.

COST Technical Indicators: Above all averages.

COST Trading Strategy: Looking for longs on the pullback in wave {ii}.

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Costco Wholesale Corp., COST: 1-hour Chart 14 November 23

Costco Wholesale Corp., Elliott Wave Technical Analysis COST Stock Market Analysis: We see a potential five wave move into wave {i} as we are now seeing some RSI divergence which could reflect the potential wave (v) we are in, as well as we hit 580$.

COST Elliott Wave count: Wave (v) of {i}.

COST Technical Indicators: Above all averages.

COST Trading Strategy: Looking longs on the pullback in wave {ii}.

(Click on image to enlarge)