COST - Retail Powerhouse In Ideal HTF Position

l’altro ieri

Shallow compressive action has printed contracting Bollinger Bands.

Notice that the BBW - Bollinger Band Width is similar to the previous correction before breakout.

In lower time frame the significantly sized slump has whipsawed through support and wedge trendline to become a bullish engulf:



This event looks likely to be the 8,9 and 10 slump following the Wyckoff Creek of Schematic 1.

And so I think this bullish wedge can also be considered to be a Wyckoff Creek.

Also similar to the Wyckoff schematic, the Creek comes after a long corrective phase - Costco has been in a choppy sideways correction for about a year.

Costco has a very strong trending history and this sideways passage appears to be building pressure for a breakout into the next major wave up.

I am in position already and have more to buy if it pulls back to support @ $932.29 - from there I will just hold.

So I am giving this ideal technical entry to TradingView 👍.

That said DYOR .

This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.

l’altro ieri

Trade attivo

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