Costco Wholesale (COST) continues further upside and remain supported
|Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China & Taiwan together with its subsidiaries. It offers branded & private label products in the range of merchandise categories. It also operates e-commerce websites in the US, Canada, UK & many other countries. It is based in Issaquah, Washington, comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.
As shown from the previous article, COST extend higher in 3 of (3). It favors small upside in ((v)) to finish 3 of (3) soon before correcting in 4 as the part of ((1)).
COST – Elliott Wave view from 10.09.2023
In Monthly sequence, it finished (I) at $393.15 high in November-2020 & corrected in (II) at $307 low in March-2021. It continued higher in (III) ended at $571.49 high in December-2021. It corrected in (IV) at $469.01 low as 0.382 Fibonacci retracement. Finally, it ended (V) at $612.27 high as ((I)) in April-2022 high as bullish impulse sequence since 1986 low. It corrected lower in ((II)) which, ended at $406.51 as sharp pullback.
COST – Elliott Wave latest daily view
Above ((II)) low, it placed (2) of ((1)) at $447.90 low as zigzag correction & 2 of (3) at $465.33 low. It favors higher in ((v)) of 3 of (3), while placed ((iv)) at $530.56 low. Within ((v)), it placed (i) at $576.19 high, (ii) at $540.23, (iii) at 599.89 high & (iv) at $572.24 low. Currently, it favors higher in (v) of ((v)) & expect to end as diagonal in ((v)) in 3 of (3). Later, it expects to pullback in 4 in 3, 7 or 11 swings followed by resumes higher in 5 of (3) of ((1)) & remain choppy to higher.
COST – Elliott Wave latest monthly view
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