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 5 of (5)

DIRECTION: Upside in wave 5.

DETAILS: Looking for continuation higher within wave 5 of (5) as the next large level of resistance will be faced at Trading level at 1000$.

Costco Wholesale Corp., (COST) 1H Chart

COST Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulsive

STRUCTURE: Motive

POSITION: Wave (c) of {ii}.

DIRECTION: Downside in wave (c).

DETAILS: Looking at what appears to be a triangle in wave (b) of {ii}, therefore we are looking for one more leg lower into wave (c) to complete the overall correction. 850$ could provide support.

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*

On the daily chart, COST is advancing in wave 5 of (5), indicating the final leg of this bullish sequence. The next significant resistance level is anticipated around the TradingLevel at $1000, which could act as a psychological barrier. The overall trend remains bullish as the price pushes towards this major resistance.

* COST Elliott Wave Technical Analysis – 1H Chart*

On the 1-hour chart, COST appears to be in the corrective phase of wave {ii}, specifically in wave (c). The development of a triangle in wave (b) suggests one more leg down in wave (c) to complete the correction. Support around $850 could be a critical level to watch, as it might serve as the launching point for the next leg higher.

Technical Analyst: Alessio Barretta

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