Long Term Forecast for Costco (COST)

Costco looks like Eldorado of data points, enough of them to chart three clear channels for the major waves of various degrees.
Analysis:
– Wave (3) off the 2008 low looks incomplete and is asking for a final little rally to reach 2.618 fibs (the most typical fibs for waves numbered 3) and to ensure that the length of wave 1 equals the one of wave 5. Target – about 420.
– Wave (3) needs to stay within two channels, the very long term green and the long term red. Together with the 2.618 level we have a projected cross at about 420-425.
– Wave (4) might take several years to develop in order to fully fill the channel. If wave (2) was a an expanded flat, wave (4) could be a zigzag or triangle.
– It looks like wave (4) could retrace only 0.236 of wave (3), which would be the top level of wave 4 of lesser degree and, again, to stay in the red channel.
– Wave (5) could be a direct motive or a diagonal, it should make a new higher high.
– Wave IV could take another few years to develop, possibly as a zigzag or triangle and could end at approximately the same level as wave (4).
A long and bumpy ride.

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