Technical analysis

Costco Wave Analysis 17 June 2024

– Costco broke resistance level 855.00

– Likely to rise to resistance level 880.00

Costco recently broke the resistance level 855.00, which stopped the previous impulse wave 1at the start of June, as can be seen from the daily Costco chart below.

The breakout of the resistance level 855.00 coincided with the breakout of the resistance trendline of the daily up channel from April – which accelerated the active impulse wave 3.

Given the clear daily uptrend, Costco can be expected to rise further to the next resistance level 880.00, target for the completion of the active correction (B).

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