Is Costco Wholesale (COST) Ready For The Next Rally?

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.

COST made higher high since 1986 low as ((I)) ended at $612.27 high in monthly bullish sequence. Below there, it finished ((II)) at $406.51 low & favors higher in next bullish sequence, confirm when breaks above $612.27 high as ((III)).

COST - Elliott Wave Latest Monthly View: 

It finished (I) at $393.15 high in November-2020. It 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 sequence since 1986 low. It corrected lower in ((II)), which ended at $406.51 low.

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 1 of (3) at $530.05 high & 2 at $465.33 low. Above there, it favors higher in 3 of (3) of ((1)) of I & should remain supported above $476.75 low of ((ii)). It favors higher in ((III)) sequence since $406.51 low & confirms when it breaks above ((I)) high. Alternatively, it can bounce in zigzag connector as (x) within ((II)), which may fail below ((I)) high to resume lower in (y) to finish ((II)) against all time low before turning higher in ((III)). So, it should favor higher in short term sequence above $447.90 low.

Source: https://elliottwave-forecast.c...