Will Costco Wholesale (COST) continue bullish rally?

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 last article, COST ended ((4)) at $793 low & favors upside in ((5)) to finish III sequence in daily. It already broke to new high above ((3)) & expect short term extension towards $921.44 or higher levels to finish III.

COST – Elliott Wave daily view from 7.29.2024

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 & 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)).

COST – Elliott Wave latest daily view

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. Currently, it favors upside in ((5)) to finish III towards $921.44 – $961.31 area. Short term, it favors pullback in (2) before resume upside in (3) & expect two more highs to finish III. Alternatively, if it breaks below $793 low, it should correct in IV, while placed III at last high, which will provide the next buying opportunity.

COST – Elliott Wave latest weekly view

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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