Jump to content

Costco Wholesale Corp., (COST) Daily Chart Elliott Wave Technical Analysis 2 February 24


Recommended Posts

COST Elliott Wave Analysis Trading Lounge Daily Chart, 2 February 24
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
 
 
Stock24.thumb.png.f1f21d8b2906fcee47bb1381e38c6ce4.png
 
 
 
 
 
COST Elliott Wave Analysis Trading Lounge 4Hr Chart, 2 February 24
Costco Wholesale Corp., (COST) 4Hr Chart
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.
 
Welcome to our COST Elliott Wave Analysis Trading Lounge, where we delve into Costco Wholesale Corp. (COST) through the lens of Elliott Wave Technical Analysis. As of the Daily Chart on 2nd February 24, we uncover compelling insights into the prevailing trend.
 
Stock24(1).thumb.png.9590a2faa22db51d38eacf7e6f68c905.png
 
*COST Elliott Wave Technical Analysis – Daily Chart*
In the realm of wave dynamics, we observe a dominant impulse function, portraying a motive structure. The current position is in Minute wave {v} of 3, signaling a potential top in wave {v}. Our focus lies on the continuation to the upside into wave {v}, especially after what appears to be the completion of wave (i) of {v}. Our target for this upward movement is set at $800, a strategically chosen figure representing an auspicious profit-taking number.
*COST Elliott Wave Technical Analysis – Daily Chart*
 
The current position is in Wave i of (iii), indicating an acceleration higher into wave iii. As we anticipate an upward surge, we establish an invalidation level below $675. Given the corrective nature of downside pullbacks (3-wave moves), our stance remains bullish.
Stay informed and empowered as we guide you through the dynamic waves of Costco Wholesale Corp. (COST) using Elliott Wave Analysis, ensuring your trading decisions are backed by insightful analysis.
 
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Alpha Trade Becomes a New Power in Asia Asia, as one of the fastest growing regions in the world, has a lot of potential and prospects. The recent development speed of Southeast Asia and Central Asia is obvious to all. With the gradual transformation of the global industrial structure, we can expect that the development in the Asian region will be even more rapid in the future. The financial demand brought about by economic development is also visible to our naked eyes. As one of our key layout priorities, Alpha Trade is ready to lay a solid foundation for expanding into the Asian market and serving financial institutions and customers with demand in the region. As a leading global financial derivatives provider, under the leadership of founders who have been deeply involved in the industry for 55 years, Alpha Trade mainly services broker-dealers, sovereign wealth funds, hedge funds, ultra-high net worth family offices, and professional/wholesale clients providing them with access to a huge array of financial derivatives that they need. At the same time, we can also provide customized liquidity services for our clients. This year, we will continue to promote our high-quality business in various regions of the region, which will enable more customers to feel the unique advantages of Alpha Trade and its profound technical heritage. You can pay attention to our official account and our updated consulting trends.
    • EURUSD Elliott Wave Analysis Trading Lounge Day Chart Euro/U.S. Dollar (EURUSD) Day Chart EURUSD Elliott Wave Technical Analysis Function: Trend Mode: Impulsive Structure: Orange wave 3 Position: Navy blue wave 3 Next Lower Degree Direction: Orange wave 3 (continue) Details: Orange wave 2 appears complete at 1.08536. Now, orange wave 3 of 3 is in play. Wave cancellation invalid level: 1.08536. The EURUSD Elliott Wave analysis on the daily chart provides a detailed examination of the current market trend and projected movements based on Elliott Wave theory. This analysis identifies and interprets the prevailing market trend as impulsive, indicating strong and directional movement aligned with the primary trend. The market structure is categorized as orange wave 3 within this analysis. This wave is part of a larger sequence, crucial for understanding the market’s progression. The current position is navy blue wave 3, suggesting the market is in the third wave of the larger orange wave 3 sequence. This indicates a continuation of the strong upward or downward movement characteristic of wave 3 in Elliott Wave theory. The direction for the next lower degrees focuses on the continuation of orange wave 3. This implies that the market is expected to maintain its impulsive movement within this wave, potentially leading to significant price shifts as the wave develops further. Detailed observations highlight that orange wave 2 has been completed at 1.08536. With the completion of orange wave 2, the market has transitioned into orange wave 3 of 3. This phase is significant as wave 3 of 3 is typically marked by strong and rapid price movements, aligning with the impulsive nature of the trend. A crucial aspect of this analysis is the wave cancellation invalid level, also set at 1.08536. This level acts as a key threshold for validating the current wave count. If the market price moves beyond this level, it would invalidate the existing wave structure, necessitating a reassessment of the Elliott Wave count and potentially altering the market outlook. Summary: Trend: Impulsive within orange wave 3. Position: Navy blue wave 3. Next Move: Continuation of orange wave 3 of 3. Key Level: 1.08536 to validate the current wave count.   EURUSD Elliott Wave Analysis Trading Lounge 4-Hour Chart Euro/U.S. Dollar (EURUSD) 4-Hour Chart EURUSD Elliott Wave Technical Analysis Function: Trend Mode: Corrective Structure: Gray wave 2 Position: Orange wave 3 Next Lower Degree Direction: Gray wave 3 Details: Gray wave 2 remains active as a flat. After gray wave 2, gray wave 3 of 3 is expected to begin. Wave cancellation invalid level: 1.08536. The EURUSD Elliott Wave analysis on the 4-hour chart offers insights into the market's current trend and potential future movements based on Elliott Wave theory. This analysis identifies the trend as corrective, indicating the market is consolidating or adjusting against the larger trend. The market structure is identified as gray wave 2, part of a larger wave sequence. The current position is orange wave 3, suggesting the market is developing the third wave of the sequence. The next lower degrees' direction centers on gray wave 3. This indicates that once gray wave 2 completes, gray wave 3 will commence, potentially accelerating market movement in the impulsive phase. Detailed observations indicate that gray wave 2 is still active and characterized by a flat pattern. This flat pattern signifies a sideways movement within the corrective phase, typical of wave 2 in Elliott Wave theory. The continuation of gray wave 2 suggests the market remains in a consolidation phase and has not resumed its primary trend direction. A critical aspect of this analysis is the wave cancellation invalid level, set at 1.08536. This level is a key threshold for validating the current wave count. If the market price surpasses this level, it would invalidate the existing wave structure, necessitating a reevaluation of the Elliott Wave count and potentially altering the market outlook. Summary: Trend: Corrective within gray wave 2. Position: Orange wave 3. Next Move: Continuation of gray wave 2 in a flat pattern, followed by gray wave 3 of 3. Key Level: 1.08536 to validate current wave count.   Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!  
    • The risk rebound continues in a quiet week, though tech stocks are still edging down after their strong gains in the first weeks of June. Asian stocks made headway overnight, led by the ASX 200 and the Nikkei 225, though mainland Chinese stocks suffered losses. Today sees the release of Canadian CPI data, but the main focus remains the US PCE data on Friday. Signs of weakening of price growth in these figures would give new life to the hope of rate cuts in the US this year. European markets recovered yesterday, though first round French elections on Sunday loom large and futures have turned lower ahead of the open. Yesterday's big name faller was Nvidia, which shed 7% and dragged other tech stocks lower, though the the broader US stock market appears able to shrug these losses off for now.
×
×
  • Create New...
us