Will Costco Wholesale (COST) Continue to See Further Strength?

Costco Wholesale Corporation., (COST) engages in the operation of membership warehouse in the United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China & Taiwan 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 from the previous article, COST expected further upside in ((iii)) of 3 of (3) of ((1)). It needs to breaks above ((I)) high of $ 612.27 to confirm the bullish sequence.

COST – Elliott Wave View From 6.18.2023:

It finished (I) at $393.15 high in November-2020 & corrected in (II) at $307 low in March-2021. It continued higher in (III) ended at $571.49 high in December-2021. It corrected in (IV) at $469.01 low as 0.382 Fibonacci retracement. Finally, it ended (V) at $612.27 high as ((I)) in April-2022 high as bullish impulse sequence since 1986 low. It corrected lower in ((II)) which, ended at $406.51.

COST – Elliott Wave Latest Daily View: 

Above ((II)) low, it placed (1) at $564.75 high & (2) at $447.90 low as zigzag correction. It placed 2 of (3) at $465.33 low & favors higher in ((v)) of 3, while placed ((iv)) at $530.56 low. It expects short term upside in ((v)) to finish 3 of (3) before correcting in 4 in 3 or 7 swings, which should remain above $520.64 low. It expects (3) of ((1)) to end towards $606.49 or higher levels. Further upside in ((III)) will confirm above $612.27 high. Alternatively, it can see 3 swing bounce since $406.51 low as (x) connector & fail below ((I)) high to turn lower in (Y) of ((II)) correction.

COST – Elliott Wave Latest Weekly View: 

Source: https://elliottwave-forecast.com/stock-market/will-cost-continue-see-further-strength/