COSTCO looking to end its ABC corrective wave

COST saw a potential end to its ABC corrective structure after it has formed a potential symmetrical triangle/larger pennant. Strong bullish marobozu was seen closing above the conversion and base line of the ichimoku. The breaking out of the falling wedge also highlights more potential upside. Key resistaance will eb closely watched at 1,002 and should it rejects adversely, the stock could formed a 5-wave (ABCDE) structure going forward.

Stochstic Oscillator has formed an oversold crossover potentially while 23-period ROC has risen and is attempting to break above the zero line. Volume remain in a healthy expansion.

Target is at 1,061 should 1,002 breaks. Long term target is at 1,133 and 1,231.