Details: We are looking at upside in Costco as we seem to be extending higher with increasing momentum suggesting the trend is not getting weaker, and therefore next target is TL8 at 800$.

COST Elliott Wave technical analysis – Daily chart

In our analysis, we observe a trend function characterized by a motive mode, showcasing an impulsive structure. Positioned in Minor wave 3, our focus is on the completion of wave 3, targeting either TL 8 or TL1. Notably, Costco's upward momentum is gaining strength, indicating that the trend remains robust. Our next target is TL8 at $800, reflecting the continued bullish sentiment.

COST Elliott Wave technical analysis

Function: Trend

Mode: Motive

Structure: Impulsive

Position: Wave iii of (iii).

Direction: Top into wave iii.

Details: This increase in volume suggests we could be getting close to some sort of a top and we know the number 8 is a profit taking number, so being at 780$ towards TL8 this could be explained. Looking for additional upside after the pullback.

COST Elliott Wave technical analysis – Four hour chart

Here, we identify a trend function marked by a motive mode, presenting an impulsive structure. Positioned in Wave iii of (iii), we anticipate reaching a top in wave iii. The surge in volume suggests that we may be nearing a potential top, particularly as the price approaches $780 towards TL8. This aligns with the phenomenon of profit-taking around significant levels, such as the number 8. Despite the expected pullback, we anticipate further upside movement in the future.

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.

EUR/USD holds steady above 1.1850 in quiet session

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day holiday.

GBP/USD flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.