COST Elliott Wave Analysis Trading Lounge Daily Chart, 2 February 24

Costco Wholesale Corp., (COST) Daily Chart

COST Elliott Wave Technical Analysis

FUNCTION: Trend

MODE: Impulse

STRUCTURE: Motive

POSITION: Minute wave {v} of 3.  

DIRECTION: Top in wave {v}.  

DETAILS: Looking for continuation to the upside into wave {v}, as we seem to have just completed wave (i) of {v}. 1.618 3 vs. 1 stands at 725$, however we will consider 800$ as upside target being 8 a profit taking number.

Technical Analyst: Alessio Barretta

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See Previous: Visa Inc. (V)

COST Elliott Wave Analysis Trading Lounge 4Hr Chart, 2 February 24

Costco Wholesale Corp., (COST) 4Hr Chart

COST Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Motive  

POSITION: Wave i of (iii).  

DIRECTION: Acceleration higher into wave iii.

DETAILS: Looking for acceleration to the upside into wave iii, with invalidation level that stands south of 675$. As downside pullbacks are corrective in nature(3 wave moves) we remain bullish.
 
Welcome to our COST Elliott Wave Analysis Trading Lounge, where we delve into Costco Wholesale Corp. (COST) through the lens of Elliott Wave Technical Analysis. As of the Daily Chart on 2nd February 24, we uncover compelling insights into the prevailing trend.

COST Elliott Wave Technical Analysis – Daily Chart

In the realm of wave dynamics, we observe a dominant impulse function, portraying a motive structure. The current position is in Minute wave {v} of 3, signaling a potential top in wave {v}. Our focus lies on the continuation to the upside into wave {v}, especially after what appears to be the completion of wave (i) of {v}. Our target for this upward movement is set at $800, a strategically chosen figure representing an auspicious profit-taking number.

COST Elliott Wave Technical Analysis – Daily Chart

The current position is in Wave i of (iii), indicating an acceleration higher into wave iii. As we anticipate an upward surge, we establish an invalidation level below $675. Given the corrective nature of downside pullbacks (3-wave moves), our stance remains bullish.
Stay informed and empowered as we guide you through the dynamic waves of Costco Wholesale Corp. (COST) using Elliott Wave Analysis, ensuring your trading decisions are backed by insightful analysis.