29Apr

Costco Wholesale Corp. (COST) Elliott Wave Chart Signals Start of Bearish Wave C with Key Support Levels and Trade Setup Potential

Costco Wholesale Corp. (COST) Elliott Wave Analysis - TradingLounge Daily Chart

COST Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave (B) of 4

DIRECTION: Downside in wave (C)

DETAILS: Intermediate wave (B) appears to have completed near the key $1000 psychological level. A continued decline is anticipated to confirm the start of wave (C).

Costco’s Elliott Wave daily chart indicates that wave (B) may have finalized around the $1000 resistance zone, a critical psychological barrier. Should this level hold, it reinforces the expectation of a downward move in wave (C), consistent with a broader corrective wave 4 structure.

Wave (C) is likely to extend lower as bearish momentum gains traction. Traders should focus on watching for price rejection near support zones and other technical confirmation signals that support the bearish continuation in wave (C).

COST-US-stock-Day-Ch...


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

COST Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Flat

POSITION: Wave 3 of (C)

DIRECTION: Downside in wave 3

DETAILS: Wave (B) top looks established. Emerging nested wave formations suggest wave (C) is intensifying to the downside.

On the 1-hour timeframe, Costco is exhibiting classic signs of a deepening bearish impulse, with nested wave 1 and 2 structures implying that wave 3 of (C) is gaining strength. This suggests an acceleration in downward price action.

Traders should remain alert for breakout confirmation, increasing sell volume, and technical signals that support the continuation of wave 3. This phase of the pattern could yield sharp price movements, offering tactical short-trade setups in line with the Elliott Wave forecast.

Technical Analyst: Alessio Barretta

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

Previous: Spotify Technology Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

COST-US-stock-1h-Cha...

Related

Northern Star Resources NST Elliott Wave Technical Analysis to Help Guide Your Investment Decisions in the ASX Market

Northern Star Resources NST Elliott Wave Technical Analysis to Help Guide Your Investment Decisions in the ASX Market

Our detailed Elliott Wave analysis of Northern Star Resources (NST.ASX) highlights current market tr...

Read More >
Stocks Bullish Trend: AAPL, AMZN, NVDA, TSLA, GOOGL, META, NFLX, MSFT, Elliott Wave Analysis

Stocks Bullish Trend: AAPL, AMZN, NVDA, TSLA, GOOGL, META, NFLX, MSFT, Elliott Wave Analysis

Explore the latest Commodities Market Technical Analysis, focusing on Bitcoin's potential ascent...

Read More >
Key Technical Levels to Watch and Understand the Commodity Market's Outlook for Corn: Corn Elliott Wave Analysis

Key Technical Levels to Watch and Understand the Commodity Market's Outlook for Corn: Corn Elliott Wave Analysis

This analysis provides a detailed overview of Corn’s Elliott Wave structure, focusing on its curren...

Read More >
Natural Gas Commodity Elliottwave Technical Analysis:  An In-depth Analysis of the Current Impulse Wave

Natural Gas Commodity Elliottwave Technical Analysis: An In-depth Analysis of the Current Impulse Wave

Elliott Wave analysis of Natural Gas, focusing on the ongoing impulse wave sequence that began in A...

Read More >
Soybean Price Analysis: SoyBeans Elliott Wave Technical Analysis, Signals Recovery Amidst Potential Sell-Off

Soybean Price Analysis: SoyBeans Elliott Wave Technical Analysis, Signals Recovery Amidst Potential Sell-Off

Amidst a recent recovery in Soybean prices, Elliott wave analysis reveals a complex picture hinting ...

Read More >
Caterpillar Inc. Stocks Elliott Wave Analysis: Detailed Technical Analysis Highlights Potential Targets of $400 and $500 for CAT

Caterpillar Inc. Stocks Elliott Wave Analysis: Detailed Technical Analysis Highlights Potential Targets of $400 and $500 for CAT

This analysis provides a comprehensive look at Caterpillar Inc. (CAT) stock using Elliott Wave theor...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on