Cost Technical Analysis Elliott Wave
Function: Counter Trend.
Fashion: Patch.
Structure: Flat.
Position: Wave (b) of 4.
Direction: Disadvantage in the wave (C).
Details: The intermediate wave (B) may have completed about $ 1,000. We expect more action to the disadvantage to confirm the lower movement in the wave (C).
The daily structure of Costco Elliott waves suggests the completion of the wave (B) close to the level of psychological resistance at $ 1,000. If it holds, it opens the way to the wave (C) to start down. This movement would align with the greater correction in progress under the wave 4.
The wave (C) should develop more as the pressure is increased, confirming the bearish correction. Market players must monitor key support areas and monitor pricing signals to validate the start of the wave (C).
Cost Technical Analysis Elliott Wave
Function: Counter Trend.
Fashion: Patch.
Structure: Flat.
Position: Vague 3 of (C).
Direction: Disadvantage in wave 3.
Details: The top of the wave (b) appears complete. Early nested wave formations suggest that the wave (C) is accelerating lower.
On the one hour graph, Costco shows signs of wave formation and 2 nested, indicating the preparation for a strong push down in wave 3 of (C). The structure supports an impulsive development in development as the sales pressure versions.
Traders should be careful, monitor volume increases and confirmation configurations that could validate the deployment of wave 3. This phase can lead to a net price drop, offering potential negotiation opportunities in accordance with the trend.
Costco Wholesale Corp. (Cost) Elliott Wave Technical Analysis [Video]
