Costco Wholesale Corp., (COST) Daily Chart Analysis, 8 March 24
COST Elliott Wave Technical Analysis
In our Elliott Wave analysis for Costco Wholesale Corp. (COST) on the daily chart, we observe a compelling picture of market dynamics. Let's delve into the technical intricacies:
FUNCTION: Trend
MODE: Motive
STRUCTURE: Impulsive
POSITION: Minor Wave 3
DIRECTION: Completion of Wave 3 towards Trend Lines (TL) 8 or TL1
The analysis indicates a strong bullish trend characterized by impulsive movements, with minor Wave 3 poised for completion towards the Trend Lines. Momentum is notably on the rise, indicating resilience in the ongoing uptrend. Our next target projection stands at TL8, reaching $800.
COST Elliott Wave Analysis: 4-Hour Chart Perspective
Costco Wholesale Corp., (COST) 4Hr Chart Analysis, 8 March 24
COST Elliott Wave Technical Analysis
Turning our attention to the 4-hour chart of Costco Wholesale Corp. (COST), we uncover further insights into the market dynamics:
FUNCTION: Trend
MODE: Motive
STRUCTURE: Impulsive
POSITION: Wave iii of (iii)
DIRECTION: Top into Wave iii
The analysis reveals a continuation of the bullish trend, with Wave iii of (iii) unfolding. Notably, there's an uptick in volume, signaling potential proximity to a market top. The significance of the number 8 as a profit-taking level is evident, with the price hovering around $780 towards TL8. However, we anticipate additional upside movement post a probable pullback.
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Technical Analyst: Alessio Barretta
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