Costco Wave Analysis August 25, 2023

– Costco falling inside impulse wave i

– Likely to reach support level 520.00

Costco continues to fall inside the impulse wave i of the weekly impulse wave (C), which started earlier from the major resistance level 564.00.

The resistance level 564.00 was strengthened by the upper weekly Bollinger Band and the upper resistance trendline of the weekly up channel from the start of this year.

Given the still overbought weekly Stochastic, Costco can be expected to fall further to the next support level 520.00 (former resistance from January).