An Elliott Wave Setup You'll See Again and Again

By Elliott Wave International

In his "3 Favorite Trading Setups" course, EWI senior analyst and instructor Robert Kelley teaches you the wave setups he trusts the most — including this Elliott wave triangle setup he called in COST in real time:

"Costco looks like a nice triangle on the bigger picture. Overall, I think it should bottom soon and go up to new highs."

Contracting triangles are often easy to spot because of their range-bound and sideways movement. The pattern contains five overlapping waves that are labeled A-B-C-D-E. Each of the five waves subdivide into three waves. Once complete, you can expect a thrust beyond the origin of wave A.

Result: Costco's price thrust to new highs as forecast, more than doubling!

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This article was syndicated by Elliott Wave International and was originally published under the headline An Elliott Wave Setup You'll See Again and Again. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.