COST Elliott Wave Analysis – Trading Lounge Daily Chart
Costco Wholesale Corp. (COST) – Daily Chart Analysis
COST Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave 2 of (C)
DIRECTION: Downside in Wave 2
DETAILS: The Elliott Wave setup for Costco (COST) on the daily chart shows a likely retracement in Wave 2 of (C), following a bounce off the significant $1000 support level. Bearish momentum remains inconclusive unless $1000 flips to resistance after a confirmed retest. A deeper correction in Wave 2 remains probable before initiating any move into Wave 3 of (C).
Costco Wholesale Corp. (COST) – 1H Chart
COST Elliott Wave Technical Analysis
FUNCTION: Counter Trend
MODE: Corrective
STRUCTURE: Flat
POSITION: Wave {a} of 2
DIRECTION: Upside in Wave 2
DETAILS: The 1-hour COST chart reveals a completed five-wave decline ending Minor Wave 1, signaling the onset of a corrective phase. The current upward move marks the progression of Wave {a} within Wave 2. Once Wave 2 concludes, anticipate the start of another downward five-wave impulsive leg.
Technical Analyst: Alessio Barretta
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Combined Technical Summary:
This Elliott Wave analysis combines insights from both the daily and intraday charts of Costco Wholesale Corp. (COST) to provide a clearer market perspective:
Daily Chart: Indicates a corrective Wave 2 of (C) retracement following a bounce at the key $1000 level.
1H Chart: Highlights the formation of a corrective rally in Wave {a} of 2 after a completed five-wave decline into Minor Wave 1.