COST Elliott Wave Analysis – Trading Lounge Daily Chart

Costco Wholesale Corp. (COST) – Daily Chart
COST Elliott Wave Technical Analysis

FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave 2 of (C)
DIRECTION: Downside in Wave 2
DETAILS: The current setup shows a potential pullback into Wave 2 of (C) after a bounce from TradingLevel1 at $1000. The bearish outlook remains uncertain unless $1000 is confirmed as resistance through retest. Deeper retracement in Wave 2 is possible before any move towards Wave 3 of (C).

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Costco Wholesale Corp. (COST) – 1H Chart
COST Elliott Wave Technical Analysis

FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave {a} of 2
DIRECTION: Upside in Wave 2
DETAILS: The chart indicates a completed five-wave decline into Minor Wave 1, which signals the beginning of a corrective rally as part of Wave 2. Wave {a} is currently progressing to the upside. Once Wave 2 completes, expect a continuation downward with another five-wave impulsive structure.

Combined Technical Summary:

This Elliott Wave analysis combines both the daily and 1-hour charts to offer a clearer view of Costco Wholesale Corp.'s (COST) current technical outlook:

• Daily Chart: Suggests a corrective pullback in Wave 2 of (C) following a bounce from the key level of $1000.
• 1H Chart: Indicates the development of a counter trend rally (Wave {a} of 2) after a confirmed five-wave decline into Minor Wave 1.

Technical Analyst: Alessio Barretta

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