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Costco (COST) Bullish Setup: Rally Towards 1515 From Blue Box Area

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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 comes under Consumer Defensive sector & trades as “COST” ticker at Nasdaq.

In weekly, COST is bullish nested impulse Elliott Wave sequence against May-2022 low. It found support in blue box area in December-2025 low & expect further upside in ((1)) of I, which will confirm above February-2025 high.

It ended ((I)) in weekly at $612.27 high in April-2022 & ((II)) at $406.51 in May-2022. Above there, it ended (I) of ((III)) at $1078.23 high in February-2025 high & (II) at $844.06 low. Within (I), it placed I at $564.75 high, II at $447.90 low, III at $1008.25 high, IV at $902 low & V at $1078.23 high as (I). Within III, it ended ((1)) at 530.05 high, ((2)) at $465.33 low, ((3)) at $923.83 high, ((4)) at $867.16 low & ((5)) at $1008.25 high. The (I) was having extended III wave, which indicates the strength of the trend. In (II) pullback, it ended w at $871.71 low, x at $1067.08 high & y at $844.06 low in blue box area.

COST – Elliott Wave Latest Weekly View: 

Above (II) low, it favors rally in (1) of ((1)) of I of (III). It expects small upside to end the (1) in five swings in 4-hour sequence before pullback in (2). It already rallied more than 50% of y leg, which allows buyers to be risk free longs. Further upside will confirm above February-2025 high. We like to remain long from blue box area. Buyers can look for target above $1515 or higher, once break above February-2025 peak. Alternatively, it may fail below February-2025 peak in 3 swings before doing larger double correction in (II), if breaks below $844.06 low.

COST is not the part of regular service at EWF. But we provide time to time updates on instruments under blog section. Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $0.99 (limited time offer). Also, you can check out the Educational section to learn Elliott wave theory & its application through different packages available & 1-1 coaching for doubts.

Will Costco Wholesale (COST) Provide An Opportunity To Buy Soon ?

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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 previous article dated 9.09.2024, COST favors upside in ((5)) of III from August-2024 low. It already broke above ((3)) high & expected few more highs to finish the III as long as remain above daily price trendline.

COST – Elliott Wave View From 9.09.2024: 

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. It ended 3 swing corrective 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)). 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.

COST – Elliott Wave Latest Daily View: 

Currently, it favors upside in (3) of ((5)), while placed (2) at $867.16 low as flat correction. It placed 1 of (3) at $910 high, 2 at $867.34 low & 3 at $962 high. It favors pullback in 4 & expect small pullback before resume higher to finish (3), while above $910. If it breaks below $910 level in pullback, it can unfold as diagonal in ((5)) & pullback can be (4), which stay above $867.16 to see final push higher to finish III. We like to buy the next pullback in IV in 3, 7 or 11 swings at extreme areas, when reached.

COST – Elliott Wave Latest Weekly View: 

Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.