Costco Wholesale (COST) continues further upside and remain supported

Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China & Taiwan together with its subsidiaries. It offers branded & private label products in the range of merchandise categories. It also operates e-commerce websites in the US, Canada, UK & many other countries. It is based in Issaquah, Washington, comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.

As shown from the previous article, COST extend higher in 3 of (3). It favors small upside in ((v)) to finish 3 of (3) soon before correcting in 4 as the part of ((1)).

COST – Elliott Wave view from 10.09.2023

In Monthly sequence, it finished (I) at $393.15 high in November-2020 & corrected in (II) at $307 low in March-2021. It continued higher in (III) ended at $571.49 high in December-2021. It corrected in (IV) at $469.01 low as 0.382 Fibonacci retracement. Finally, it ended (V) at $612.27 high as ((I)) in April-2022 high as bullish impulse sequence since 1986 low. It corrected lower in ((II)) which, ended at $406.51 as sharp pullback.

COST – Elliott Wave latest daily view

Above ((II)) low, it placed (2) of ((1)) at $447.90 low as zigzag correction & 2 of (3) at $465.33 low. It favors higher in ((v)) of 3 of (3), while placed ((iv)) at $530.56 low. Within ((v)), it placed (i) at $576.19 high, (ii) at $540.23, (iii) at 599.89 high & (iv) at $572.24 low. Currently, it favors higher in (v) of ((v)) & expect to end as diagonal in ((v)) in 3 of (3). Later, it expects to pullback in 4 in 3, 7 or 11 swings followed by resumes higher in 5 of (3) of ((1)) & remain choppy to higher.

COST – Elliott Wave latest monthly view

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