Elliott Wave Forecast Team
ElliottWave-Forecast.com
Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States & globally 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 in the previous article dated 9.09.2024, COST favors upside in ((5)) of III from August-2024 low. It already broke above ((3)) high & expected few more highs to finish the III as long as remain above daily price trendline.
COST – Elliott Wave view from 9.09.2024
In Weekly sequence, it placed ((I)) at $612.27 high in April-2022 as impulse sequence & ((II)) at $406.51 low in May-2022 as sharp pullback. It placed I of (I) of ((III)) at $564.75 high. It ended 3 swing corrective pullback in II at $447.90 low in January-2023. Above there, it favors upside in III of (I) & expect short term upside, while dips remain above 5-August-2024 low in ((5)). Above II low, it placed ((1)) at $530.05 high, ((2)) at $465.33 low & ((3)) at $896.67 high as extended wave. Within III, it placed (1) at $576.19 high, (2) at $540.23 low, (3) at $787.08 high, (4) at $697.27 low & (5) at $896.67 high as ((3)). It ended ((4)) at $793 low in August-2024 low, which missed the extreme areas.
COST – Elliott Wave latest daily view
Currently, it favors upside in (3) of ((5)), while placed (2) at $867.16 low as flat correction. It placed 1 of (3) at $910 high, 2 at $867.34 low & 3 at $962 high. It favors pullback in 4 & expect small pullback before resume higher to finish (3), while above $910. If it breaks below $910 level in pullback, it can unfold as diagonal in ((5)) & pullback can be (4), which stay above $867.16 to see final push higher to finish III. We like to buy the next pullback in IV in 3, 7 or 11 swings at extreme areas, when reached.
COST – Elliott Wave latest weekly view
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