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COSTCO WHOLESALE CORPCOSTCO WHOLESALE CORPCOSTCO WHOLESALE CORP

COSTCO WHOLESALE CORP

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COST trade ideas

$COST: Completing Wave 4 Correction, into larger degree Wave 3Disclaimer:  I have been trading in the markets for about a year.  After several months of charting various instruments, my eyes have gotten trained to recognize different candle formation patterns like Bear & Bull Flags, Head & Shoulders, and others.  This was good.  But, not enough for me to accurately forecast the next following moves and market structure after these patterns had been completed. For me my next evolution as a Trader came with a more fine-tuned approach to Market Structure, The Elliott Wave Theory.  There are two books that were recommended to me as I started this journey. 1.  Elliott Wave Principle: Key to Market Behavior by Robert Prechter and A. J. Frost, www.elliottwave.com 2. Visual Guide to Elliott Wave Trading by Wayne Gorman and Jeffrey Kennedy, www.elliottwave.com I am still learning.  I accept the fact that my analysis may be wrong. But, these are my charts as I continue my journey.  I am open to all feedback on my analysis as I continue to improve.
NASDAQ:COSTLong
by RicoConnects
1
Triple Bottom or Inverted H&S?I have placed 3 green arrows representing the triple bottom, which is also the head of an inverted H&S. The RSI looks healthy, I see no reason why Costco won't perform bullishly going forward. A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the sellers (bears). A triple bottom is generally seen as three roughly equal lows bouncing off support followed by the price action breaching resistance. The formation of triple bottom is seen as an opportunity to enter a bullish position. The triple bottom chart pattern typically follows a prolonged downtrend where bears are in control of the market. While the first bottom could simply be normal price movement, the second bottom is indicative of the bulls gaining momentum and preparing for a possible reversal. The third bottom indicates that there's strong support in place and bears may capitulate when the price breaks through resistance levels. An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends An inverse head and shoulders pattern, upon completion, signals a bull market Investors typically enter into a long position when the price rises above the resistance of the neckline. The dark Blue line on the chart represents the neckline.
NASDAQ:COSTLong
by ScotianBot
1
Should We Fill Our Oversized Cart 🛒 With COST? | COSTCO ($COST)🔥🛒🔥 Costco's fundamentals have us thinking about buying enough COST to feed a family of 8... but do we really need all this COST now? While the trend looks good, Costco isn't as cut and dry as some other COVID impacted stocks. Still, we expect revenue and earnings to be up again since last quarter and we expect people getting back to life after COVID to choose Costco. This should ultimately give COST a boost, and that has us looking at some levels for bulls who want to buy COST like a way too big tub of dip. First, before we look for lower levels, we need to be aware of R1. R1 is currently acting as resistance but should flip and act as support if and when COST can break above it. Below we have S1 - S3 for support. S1 is the first place to look for support if the broader market pulls COST down, if earnings are underwhelming, or if we generally see consolidation before a move up for any reason. S2 - S3 are levels to watch if S1 can't hold. Our general theory on COST can be seen in the chart. We are looking for similar price action here that was seen back in 2018 - 2019, that is a move up, consolidation, and another move up to new highs. We expect COST to continue its uptrend ultimately, and that means we are looking for a pullback to S1 or S2. Lastly, while there is more support below, a move below S3 could make COST a much less attractive prospect for the bulls. The bottomline here is this, we are bullish on Costco and expect earnings to be impressive, but we want to look for longs after a correction or after we break above current ATH's, not at as we consolidate under resistance. Resource: www.earningswhispers.com + www.foxbusiness.com ✨ Drop a comment asking for an update, we do NEW setups every day! ✨ Like, Comment & Follow to help the community grow 🎉🎉 --- Good luck traders!
NASDAQ:COST
by AlphaBotSystem