Costco Wholesale Corporation., (COST) operates a member warehouse in United States, Puerto Rico, Canada, United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China and Taiwan together with its subsidiaries. It offers branded and private label products in a number of product categories. It also operates e-commerce websites in the US, Canada, UK and many other countries. Headquartered in Issaquah, Washington, it falls under the Consumer Defensive & Trades sector under the symbol “COST” on the Nasdaq Stock Exchange.
COST hit its highest high since 1986 as ((I)) ended at $612.27 in a monthly bullish order. Below, ((II)) ended at a low of $406.51 and in another bullish sequence favored higher, confirm when it breaks the high above $612.27 as (III)).
COST – Latest Monthly Elliott Wave View
In November 2020, (I) ended at a high of $393.15. In March 2021, there was a correction in (II) to a low of $307. It continued higher in (III) and closed at $571.49 in December 2021. It corrected in (IV) to $469.01 at a low of 0.382 Fibonacci retracement. Finally, (V) ended at $612.27 and ((I)) in April 2022 at the highest level as a bullish sequence since 1986 at the low. It corrected lower in ((II)), which ended at a low of $406.51.
COST – Latest Elliott Wave Daily View
Above the ((II)) low was placed (1) at $564.75 and (2) at the $447.90 low as a tortuous correction. It was 1 of (3) with a high of $530.05 and 2 with a low of $465.33. Above favors higher in 3 of (3) of (1) of I and should remain supported above $476.75 low of (ii)). Favors higher in ((III)) sequence from $406.51 low & confirms when it breaks above ((I)) high. Alternatively, it may rebound in a zigzag connector as (x) within ((II)), which may fail below the ((I)) high to return down in (y) and end ((II)) against all-time lows before by turning above in ((III)). Thus, it should favor higher in the short term above the $447.90 low.