Costco Wholesale Corp.(COST) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

COST Elliott Wave technical analysis

Function: Trend.

Mode: Motive.

Structure: Impulsive.

Position: Minor wave 3.

Direction: Completion of wave 3 towards TL 8 or TL1.

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 deflates to multi-week lows near 1.1640

EUR/USD is down for the third straight day on Thursday, coming under extra downside pressure and approaching its transitory 55-day SMA around 1.1640 amid tge persistent recovery in the Greenback. Moving forward, market participants should remain prudent ahead of the release of Friday’s US NFP figures.

GBP/USD: Further weakness could challenge 1.3400

GBP/USD remains under unabated selling pressure on Thursday, slipping to fresh three-day lows around 1.3415 in response to further improvement in the sentiment surrounding the Greenback ahead of Friday’s key NFP data.

Gold edges lower as bulls opt to wait for the crucial US NFP report

Gold struggles to capitalize on the previous day's goodish move up from the vicinity of the $4,400 mark and attracts some sellers during the Asian session on Friday as bulls seem reluctant ahead of the US NFP report. The critical US employment details will offer more cues about the Fed's rate-cut path, which, in turn, will influence the US Dollar price dynamics and provide a fresh impetus to the non-yielding bullion. In the meantime, dovish Fed expectations and rising geopolitical tensions might continue to act as a tailwind for the XAU/USD.

XRP slides as institutional and retail demand falters

Ripple (XRP) is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.

XRP slides as institutional and retail demand falters

Ripple is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.