COST Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 5 of (5).
Direction: Upside in wave 5.
Details: Looking for continuation higher within wave 5 of (5) as the next large level of resistance will be faced at Trading level at 1000$.
COST Elliott Wave technical analysis – Daily chart
On the daily chart, COST is advancing in wave 5 of (5), indicating the final leg of this bullish sequence. The next significant resistance level is anticipated around the TradingLevel at $1000, which could act as a psychological barrier. The overall trend remains bullish as the price pushes towards this major resistance.
COST Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (c) of {ii}.
Direction: Downside in wave (c).
Details: Looking at what appears to be a triangle in wave (b) of {ii}, therefore we are looking for one more leg lower into wave (c) to complete the overall correction. 850$ could provide support.
COST Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, COST appears to be in the corrective phase of wave {ii}, specifically in wave (c). The development of a triangle in wave (b) suggests one more leg down in wave (c) to complete the correction. Support around $850could be a critical level to watch, as it might serve as the launching point for the next leg higher.
In this Elliott Wave analysis, we will review the trend structure of Costco Wholesale Corp., (COST) using both the daily and 1-hour charts to assess the current wave position and potential price movements.
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 stabilizes around 1.2550 after hitting two-year lows
EUR/USD plunged to 1.0223, its lowest in over two years, as risk aversion fueled demand for the US Dollar. Thin post-holiday trading exacerbated the movements, with financial markets slowly returning to normal.
USD/JPY flirts with multi-month highs in the 158.00 region
The USD/JPY pair traded as high as 157.84 on Thursday, nearing the December multi-month high of 158.07. Additional gains are on the docket amid prevalent risk aversion.
Gold retains the $2,650 level as Asian traders reach their desks
Gold gathered recovery momentum and hit a two-week-high at $2,660 in the American session on Thursday. The precious metal benefits from the sour market mood and looks poised to extend its advance ahead of the weekly close.
These 5 altcoins are rallying ahead of $16 billion FTX creditor payout
FTX begins creditor payouts on January 3, in agreement with BitGo and Kraken, per an official announcement. Bonk, Fantom, Jupiter, Raydium and Solana are rallying on Thursday, before FTX repayment begins.
Three Fundamentals: Year-end flows, Jobless Claims and ISM Manufacturing PMI stand out Premium
Money managers may adjust their portfolios ahead of the year-end. Weekly US Jobless Claims serve as the first meaningful release in 2025. The ISM Manufacturing PMI provides an initial indication ahead of Nonfarm Payrolls.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.