Chevron Corporation (ticker: CVX), commonly known as Chevron, is one of the world’s largest multinational energy corporations. The company operates in all aspects of the oil, natural gas, and geothermal energy industries. This includes exploration, production, refining, marketing, and transportation. The stock is bullish in larger degree. However, in shorter cycle, it is still correcting cycle from 3.19.2020 as a flat.

Chevron monthly Elliott Wave chart

Chart

Monthly Elliott Wave of Chevron (CVX) shows that the stock has ended wave ((II)) super cycle correction at 51.06 in the year 2020 and resume to a new high. Up from wave ((II)), wave (I) ended at 182.4 and wave (II) pullback is in progress as expanded/running flat to correct the rally from 3.1.2020 low before the the stock resumes higher again. As long as pivot at 51.06 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.

Chevron daily Elliott Wave chart

Chart

Daily Elliott Wave view in Chevron above shows that wave (II) pullback is in progress as a flat structure to correct cycle from 3.20.2020 low before the next leg higher.  Stock still has scope to correct lower further before ending wave (II) and resumes higher.

Chevron Elliott Wave forecast video

 

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended content


Recommended content

Editors’ Picks

AUD/USD rebounds to test 0.6900 despite looming Mideast concerns

AUD/USD rebounds to test 0.6900 despite looming Mideast concerns

AUD/USD has picked up fresh bids to test 0.6900 in the Asian session on Wednesday. However, the fear of wider war in the Middle East following the overnight Iranian bombings on Israel could check the bounce in the higher-yielding Aussie. US jobs data and Fedsepak are next in focus. 

AUD/USD News
USD/JPY holds recovery gains below 144.00 amid cautious mood

USD/JPY holds recovery gains below 144.00 amid cautious mood

USD/JPY is holding recovery gains below 144.00 in Wednesday's Asian trades, as risk sentiment seems to improve following the direct Iran-Israel confrontation. Markets remain unnerved and cap the further upside in the pair, as all eyes turn to the US ADP jobs data and Fedspeak. 

USD/JPY News
Gold price remains close to record peak amid fears of wider Mideast war

Gold price remains close to record peak amid fears of wider Mideast war

Gold price edges lower and erodes a part of the previous day's gains, though the downside seems limited on the back of rising geopolitical tensions in the Middle East. Furthermore, hopes that China's stimulus measures will revive physical demand could underpin the XAU/USD.

Gold News
Ethereum could decline to $2,207 if Middle East war tension escalates

Ethereum could decline to $2,207 if Middle East war tension escalates

Ethereum and the entire crypto market is in a downtrend on Tuesday following geopolitical tension in the Middle East. Ethereum dropped below the $3,500 psychological level upon news of Iran launching a missile attack on Israel.

Read more
RBA widely expected to keep key interest rate unchanged amid persisting price pressures

RBA widely expected to keep key interest rate unchanged amid persisting price pressures

The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.

Read more
Five best Forex brokers in 2024

Five best Forex brokers in 2024

VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals. 

Read More

Forex MAJORS

Cryptocurrencies

Signatures