COSTCO needs one more Low before it bottoms.

Costco (COST) has been trading within a Channel Up pattern since the March 07 High and last week it hit the 1D MA50 (blue trend-line) for the first time since August 09. Even though this is the standard short-term Support level, we expect the price to break it and approach the bottom of the Channel Up where both previous Higher Lows were priced.

Our Target is $1000, just below the 2.0 Fibonacci extension, where the last Higher High was priced.

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