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]

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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