COST Elliott Wave Technical Analysis – Costco Wholesale Corp. (COST) Price Outlook
In this Elliott Wave analysis, we will examine the trend structure of Costco Wholesale Corp. (COST) using both the daily and 1-hour charts to determine the current wave position and potential price movements.
COST Elliott Wave Analysis – TradingLounge Daily Chart
COST Elliott Wave Technical Analysis
- Function: Trend
- Mode: Impulsive
- Structure: Motive
- Position: Wave {iii} of 5
- Direction: Upside in Wave 5
COST Price Forecast – Daily Chart
Costco (COST) continues to show strong upside potential as Wave 5 develops. The stock has successfully broken through the key resistance level at $1000 (Trading Level 1), signaling further bullish momentum.
- The primary expectation is for further gains as Wave 5 unfolds.
- The alternate scenario suggests that Wave 5 may already be in place, where Wave {i} stands, and the stock could be forming Wave {b} of a flat correction.
- A successful test of the $1000 support level would provide additional confirmation for this bullish outlook.
COST Elliott Wave Analysis – 1H Chart
COST Elliott Wave Technical Analysis
- Function: Trend
- Mode: Impulsive
- Structure: Motive
- Position: Wave iii of (iii)
- Direction: Upside in Wave {iii}
COST Price Forecast – 1H Chart
The short-term outlook remains bullish as Wave {iii} continues to develop.
- We expect a continuation of the uptrend, with the price unfolding in Wave {iii}.
- In the near term, minor corrections may occur, forming a series of threes and fours before the next upward move.
- If momentum remains strong, Costco (COST) could see further impulsive gains in the coming sessions.
Technical Analyst: Alessio Barretta
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