Details: The current setup shows a potential pullback into Wave 2 of (C) after a bounce from TradingLevel1 at $1000. The bearish outlook remains uncertain unless $1000 is confirmed as resistance through retest. Deeper retracement in Wave 2 is possible before any move towards Wave 3 of (C).

COST Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Flat.

Position: Wave {a} of 2.

Direction: Upside in Wave 2.

Details: The chart indicates a completed five-wave decline into Minor Wave 1, which signals the beginning of a corrective rally as part of Wave 2. Wave {a} is currently progressing to the upside. Once Wave 2 completes, expect a continuation downward with another five-wave impulsive structure.

Combined Technical Summary:

This Elliott Wave analysis combines both the daily and 1-hour charts to offer a clearer view of Costco Wholesale Corp.'s (COST) current technical outlook:

Daily Chart: Suggests a corrective pullback in Wave 2 of (C) following a bounce from the key level of $1000.
1H Chart: Indicates the development of a counter trend rally (Wave {a} of 2) after a confirmed five-wave decline into Minor Wave 1.

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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