Costco Wholesale Corp. (COST) Elliott Wave Analysis
In this Elliott Wave analysis, we examine the trend structure of Costco Wholesale Corp. (COST) using both the daily and 1-hour charts. This assessment helps determine the current wave position and potential price movements based on Elliott Wave theory.
Costco Wholesale Corp. (COST) Elliott Wave Analysis – Trading Loung Daily Chart
COST Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {iii} of 5
Direction: Upside in wave 5
COST Elliott Wave Technical Analysis – Daily Chart
Costco Wholesale Corp. (COST) is currently extending within wave {iii} of 5, signaling further upside movement. The stock has broken above the key resistance at $1000, a critical level (TradingLevel1), confirming bullish momentum.
- The next key target is $1150, where an equality relationship between wave {iii} and wave {i} is expected.
- If the impulsive trend continues, higher price levels could be reached before a potential pullback in wave {iv}.
- As long as support holds, the broader uptrend remains intact, reinforcing the bullish Elliott Wave count.
Costco Wholesale Corp. (COST) Elliott Wave Analysis – Trading Loung 1H Chart
COST Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave iii of (iii)
Direction: Upside in wave {iii}
COST Elliott Wave Technical Analysis – 1H Chart
On the 1-hour chart, COST is progressing in wave iii of (iii), a strong third-wave extension that suggests a sharp upside move. The steep ascent angle supports the current Elliott Wave count, reinforcing the ongoing bullish trend.
- The market is displaying a third-of-a-third wave extension, typically a powerful price acceleration phase.
- Expect a series of smaller corrective waves (threes and fours) as the trend unfolds, maintaining upward momentum.
- This structure indicates continuation to higher levels before a potential corrective move.
As long as momentum sustains, the bullish wave structure remains valid, with potential new highs forming within the Elliott Wave cycle.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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