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

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.

Author

Peter Mathers

TradingLounge

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

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