Details: We are looking at the end of a significant bull run in COST. Anticipating more downside to come in the upcoming weeks, to at least retrace near the area of Minor wave 4.

COST Elliott Wave Analysis Trading Lounge 4H Chart,

Costco Wholesale Corp., (COST) 4H Chart.

COST Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: ZigZag.

Position: Wave {iii} of A.

Direction: Downside in wave {iii}.

Details: Looking for continuation lower into wave {iii} as we’ve had what appears to be a clear five wave move into wave {i} and we are now looking for continuation lower. If we were to turn into a three wave move, I’d still expect further downside to come.

Welcome to our latest Elliott Wave analysis for Costco Wholesale Corp. (COST) as of July 30, 2024. This analysis provides insights into COST's price movements using the Elliott Wave Theory, highlighting potential trading opportunities based on current trends and market structure. We will examine both the daily and 4-hour charts to provide a detailed view of COST's market dynamics.

COST Elliott Wave technical analysis – Daily chart

The daily chart indicates that COST may have reached the end of a significant bull run. We are anticipating more downside movement in the upcoming weeks, likely retracing to the area of the previous Minor wave 4. This suggests that the correction is still unfolding and we could see further declines before a potential reversal.

COST Elliott Wave technical analysis – Four-hour chart

The 4-hour chart shows a clear five-wave move into wave {i}, followed by a correction and now a continuation lower into wave {iii}. This suggests that the current move is part of a larger corrective pattern. Even if we see a short-term three-wave correction, the overall expectation remains for further downside.

Technical analyst: Alessio Barretta.

COST Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.