CVX Elliott Wave technical analysis [Video]

Chevron Inc. (CVX) – Elliott Wave analysis

• Function:Counter Trend.

• Mode:Corrective.

• Structure:Flat.

• Position:Wave {c} of B.

• Direction:Targeting a top in wave B.

• 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.

• Function:Counter Trend.

• Mode:Corrective.

• Structure:Flat.

• Position:Wave (iv) of {c}.

• Direction:Upside move expected into wave (v).

• 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.

Chevron Inc. (CVX) – Elliott Wave analysis [Video]