This analysis for Costco Wholesale Corp. (COST) highlights the current Elliott Wave structure and potential price movements on both the daily and 1-hour charts. The focus is on identifying the wave positions and key levels that could inform trading strategies.
COST Elliott Wave Analysis – Trading Lounge Daily Chart
Costco Wholesale Corp. (COST) Daily Chart
COST Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave 5
Direction: Upward in Wave 5
Details: Expecting continued upward movement in Wave 5, with the next key TradingLevel around $1000.
COST Elliott Wave Technical Analysis – Daily Chart
COST is currently advancing in its final Wave 5, suggesting the trend is approaching its peak. The next significant resistance is anticipated at the $1000 TradingLevel, which could serve as a target for this wave. Traders should be vigilant for signs of trend exhaustion as the price nears this level, since Wave 5 typically signals the end of an impulsive trend, possibly leading to a larger corrective phase.
COST Elliott Wave Analysis – Trading Lounge 1H Chart
Costco Wholesale Corp. (COST) 1H Chart
COST Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {ii} of 5
Direction: Bottoming in Wave {ii}
Details: Anticipating a potential continuation lower in Wave {ii}, with a possible three-wave correction pattern forming. The MG2 level near $800 is expected to hold as critical support.
COST Elliott Wave Technical Analysis – 1H Chart
On the 1-hour chart, COST appears to be in a corrective Wave {ii} of 5, which may lead to further downside before the uptrend resumes. A potential three-wave corrective pattern is developing, with the MG2 level around $800 acting as a critical support zone. If this support holds, it could signify the completion of Wave {ii} and pave the way for the next impulsive Wave {iii} of 5.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: META Elliott Wave Technical Analysis
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