COST Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 5.
Direction: Upside in wave 5.
Details: Looking for continuation higher in wave 5, with the next TradingLevel at 1000$.
COST Elliott Wave technical analysis – Daily chart
COST is in the final stages of its wave 5, indicating that the trend is nearing its culmination. The next significant resistance is expected around the TradingLevel of 1000$, which may act as a target for this wave. Traders should watch for signs of exhaustion as the price approaches this level, as wave 5 typically marks the end of an impulsive trend before a larger corrective phase begins.
COST Elliott Wave technical analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {ii} of 5.
Direction: Bottom in wave {ii}.
Details: Looking for continuation lower within wave {ii} as we seem to have a potential three wave move in the making and looking for MG2 of 800$ to hold as support.
COST Elliott Wave technical analysis – One-hour chart
The 1-hour chart indicates that COST is currently in wave {ii} of 5, a corrective phase that could see prices moving lower before resuming the uptrend. There is a potential three-wave corrective pattern unfolding, with MG2 (Minor Group 2) around the 800$ level acting as a critical support zone. If this level holds, it could mark the completion of wave {ii} and set the stage for the next impulsive move higher in wave {iii} of 5.
This analysis for Costco Wholesale Corp. (COST), outlines the current Elliott Wave structure and potential price movements on both the daily and 1-hour charts. The focus is on identifying the wave position and key levels that could guide trading decisions.
Costco Wholesale Corp. (COST) Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD extends losses toward 1.1000, US PMIs awaited
EUR/USD resumes the downside toward 1.1000 in the European session on Tuesday. The pair stays on a slippery slope, courtesy of the sustained US Dollar recovery, a cautious mood and uncertainty around the ECB's rate outlook. US ISM Manufacturing PMI awaited.
GBP/USD drops back toward 1.3100 ahead of US PMI data
GBP/USD has come under renewed selling pressure, eyeing 1.3100 in European trading on Tuesday. A fresh US Dollar uptick and a risk-averse market environment bode ill for the pair, as traders shift their focus to the US ISM manufacturing PMI data for fresh trading impetus.
Gold seesaws as traders fold their arms ahead of labor market data
Gold trades around $2,500 as risk recedes, markets are calm, and the US Dollar recovers marginally. Traders await US labor market data this week before determining their next moves.
Bitcoin and Ethereum whale activity declines 50% while BTC, ETH accumulation continues
Bitcoin and Ethereum whale activity has slowed down since mid-March 2024 when it hit its peak this year. In March 2024, Bitcoin and Ethereum prices hit a peak of $73,777 and $4,093. The two largest cryptocurrencies have noted a correction in their prices since then.
Week ahead: US labour data and the BoC rate announcement in focus
With US Federal Reserve Chair Jerome Powell’s recent speech at the Jackson Hole Symposium confirming that it is time to begin easing policy as well as underlining the importance of the jobs market, this week’s jobs data may help determine how the Fed approaches its easing cycle.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.