Costco Wave Analysis – 19 May, 2022

costco-wave-analysis-–-19-may,-2022

• Costco falling inside impulse waves 5 and (C)

• Likely to reach support level 400.00

Costco continues to fall inside the sharp downward impulse waves 5 and (C), which previously broke through the two strong support levels 470.00 (January’s low) and 435.00 (October Low).

The breakout of these support levels added to the bearish pressure on Costco – accelerating the fall.

Costco can be expected to fall further toward the next round support level 400.00 (target for the completion of the impulse waves 5 and (C)).

Source: Fxpro

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