CVX Elliott Wave technical analysis [Video]
Chevron Inc. (CVX) – Elliott Wave analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave {c} of B.
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Direction: Targeting a top in wave B.
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Details: This appears to be a corrective pattern within Minor wave B. Expecting a top soon, followed by a larger move downward to continue the overall correction.
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave (iv) of {c}.
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Direction: Upside move expected into wave (v).
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Details: Anticipating one final leg higher into wave (v), targeting the 0.618 Fibonacci level of {c} vs. {a}, which aligns with the $172 resistance level—also the midpoint of MG2. Reaching this zone and showing reversal signs may confirm the completion of wave B.
Technical analyst: Alessio Barretta.