Technical analysis

Costco Wave Analysis – 10 October, 2019

Costco Wave Analysis – 10 October, 2019
  • Costco reversed from support zone
  • Likely to rise to 306.00

Costco recently reversed up from the support zone lying between the pivotal support level 282.00 (former monthly high from July), lower daily Bollinger Band and the 50% Fibonacci correction of the pervious sharp upward impulse from August.

The upward reversal from this support zone created the daily Morning Star which started the active impulse wave (5).

Costco is expected to rise further and retest the next resistance level 306.00 (top of the pervious upward impulse wave (3)).

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