Costco Wholesale Corp. (COST) Daily Chart.
COST Elliott Wave technical analysis
Function: Trend.
Mode: Impulse.
Structure: Motive.
Position: Minute wave {v} of 3.
Direction: Top in wave {v}.
Details: Looking for continuation to the upside into wave {v}, as we seem to have just completed wave (i) of {v}. 1.618 3 vs. 1 stands at 725$, however we will consider 800$ as upside target being 8 a profit taking number.
Technical Analyst: Alessio Barretta
COST Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Motive.
Position: Wave I of (iii).
Direction: Acceleration higher into wave iii.
Details: Looking for acceleration to the upside into wave iii, with invalidation level that stands south of 675$. As downside pullbacks are corrective in nature (3 wave moves) we remain bullish.
