Chevron Inc. (CVX) Elliott Wave technical analysis [Video]
|CVX Elliott Wave Analysis Trading Lounge.
Chevron Inc., (CVX) Daily Chart.
CVX Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Minute {iii}.
Direction: Upside within {iii}.
Details: Looking for upside into wave {iii} as we seem to be missing another wave (iii) and (iv) within {iii}, suggesting we could get towards 200$.
Chevron Inc., (CVX) 1H Chart.
CVX Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (iii) of {iii}.
Direction: Upside in wave v of (iii).
Details: Looking for upside into wave (iii) as we seem to be missing another leg higher into wave v. As iii was shorter than i, v must be shorter than iii so we should expect equality at 168$ as maximum target.
This analysis focuses on the current trend structure of Chevron Inc., (CVX) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements.
CVX Elliott Wave technical analysis – Daily chart
Chevron (CVX) is progressing within minute wave {iii} of the larger impulsive structure, with additional upside expected. There appears to be missing subdivisions for waves (iii) and (iv) within {iii}, suggesting a further extension in this move. The target for this wave structure lies near $200, marking the expected completion of wave {iii}.
CVX Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, Chevron is advancing within wave v of (iii). With wave iii shorter than wave i, wave v is expected to be constrained to be shorter than wave iii, limiting its maximum target to $168 based on equality with previous wave structures. This suggests a measured but steady move higher in the near term as wave {iii} approaches completion.
Technical analyst: Alessio Barretta.
CVX Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.