Costco Wholesale Corp.(COST:NASDAQ) Elliott Wave Technical Analysis November 3 2022

[tradinglounge]

Costco Wholesale Corp., Elliott Wave Technical Analysis

Costco Wholesale Corp., (COST:NASDAQ): Daily Chart, November 3 2022, 

COST Stock Market Analysis: Moving lower as predicted in the last forecast. We will have tofind out whether we are already into an impulsive move such as in wave 3 or else we are stillcorrecting wave 2.

COST Elliott Wave Count: Wave {b} of 2.

COST Technical Indicators:Reacted from the 200EMA.

COST Trading Strategy:Waiting for an upside move if we will eventually develop into a wave{c} or else if we break the green line we can start looking for shorts.

TradingLounge Analyst: Alessio Barretta

 

 

 

 

Costco Wholesale Corp.,COST: 4-hour Chart, November 3 2022

Costco Wholesale Corp., Elliott Wave Technical Analysis

COST Stock Market Analysis: It is pretty clear that the move up in wave {a} was a three wavemove as shown.

COST Elliott Wave count: Wave (c) of {b}.

COST Technical Indicators: Below all EMAs.

COST Trading Strategy:Waiting for further developments, we will most likely get some kind ofsupport within the area of wave ii of (c).