Costco Wholesale ( COST ) Super Cycle Target Above $1000
Last year, we presented the Super Cycle target for Costco at $1006. COST already reached that area and therefore we’ll be looking at the Elliott Wave Structure to explain the next move within the cycle.Costco rally from 2022 is clearly infolding within an impulsive bullish structure and it’s looking to establish a regular 5 waves advance. After hitting the monthly equal legs area, COST ended the wave III and did a pullback in wave IV. It’s now proposed to be looking for a rally higher in wave V to end the entire cycle in wave (III).The technical target to the upside for the 5th wave is at $1035 – $1077 and after that we expect the stock to see a larger pullback in a proposed wave (IV). Subsequently, the correction is expected to take place this year and it will provide another daily buying opportunity with monthly targets to the upside for wave (V) at $1147 – $1378.
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