Costco Wave Analysis – 14 August, 2020

• Costco reversed from support zone

• Likely to rise to 345.00

Costco recently reversed up from the support zone lying at the intersection of the support level 331.40 (former top of the previous impulse wave 1 from July) and the 50% Fibonacci retracement of the previous upward impulse (i).

The upward reversal from this support zone started the active short-term impulse wave (iii) – which belongs to the higher-level impulse wave (3) from June. Costco is likely to rise further toward the next resistance level 345.00 (top of the previous impulse wave (i)).