Chevron Inc. (CVX) – Elliott Wave Analysis by TradingLounge Daily Chart

CVX Elliott Wave Forecast

Function: Counter Trend

Mode: Corrective

Structure: Flat Pattern

Position: Wave {c} of B

Direction: Forecasting a peak in wave B

Details: The current market behavior for Chevron Inc. (CVX) suggests a corrective formation within Minor wave B. Technical indicators show a likely top approaching, which may signal the beginning of a deeper decline, extending the overall corrective sequence.

Chevron Inc. (CVX) – Elliott Wave Analysis by TradingLounge 1-Hour Chart

Function: Counter Trend

Mode: Corrective

Structure: Flat Pattern

Position: Wave (iv) of {c}

Direction: Expected move upward into wave (v)

Details: The short-term Elliott Wave analysis for Chevron (CVX) points to a potential final advance within wave (v), aiming toward the 0.618 Fibonacci projection of wave {c} relative to {a}. This target aligns with the $172 resistance area, situated at the midpoint of MG2. A price reaction and reversal from this level could confirm the completion of wave B.

Technical Analyst: Alessio Barretta

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

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