11Feb

Costco Wholesale Corp. (COST) Elliott Wave Analysis: Stock Forecast, Key Resistance Levels, and Market Outlook for Investors

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-1d-stock-char...


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 

See Previous: Mastercard Inc. (MA) Elliott Wave Technical Analysis

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