COST Favors Rally To Continue In Bullish Sequence

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.

COST favors bullish weekly sequence & expect to remain supported in 3, 7 or 11 swings pullback to extend higher. Short term, it favors upside in ((3)) of III of (I).

COST - Elliott Wave Latest Daily View: 

In Weekly sequence, it placed ((I)) at $612.27 high in April-2022 as impulse sequence since all time lows. It ended corrective pullback of ((II)) at $406.51 low in May-2022 as sharp pullback. It already broke to new high above ((I)), calling for further upside in ((III)) sequence in weekly. 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 placed ((2)) pullback of III at $465.33 low in March-2023. Currently, it favors upside in ((3)) of III & expect one more push higher in (5) to finish it, while dips remain above $697.27 low.

COST - Elliott Wave Latest Weekly View: 

Within ((3)), it placed (1) at $576.19 high in October-2023 & (2) at $540.23 low in late October-2023 as shallow pullback. Above there, it placed (3) at $787.08 high & (4) at $697.27 low. Currently, it favors upside in 3 of (5), while placed 2 of (5) at $702 low. It needs to break above (3) high of 787.08 to be a (5) to finish ((3)) & extend towards $808.44 - $843 area before it may pullback in ((4)). It expects series of third & fourth waves in weekly to finish (I) of ((III)).

Source: https://elliottwave-forecast.c...