Chevron Corporation (CVX) is an American multinational energy company. It is the second largest oil company in the United States and has operation in more than 180 countries. Chevron is involved in the entire spectrum of supply chain within the oil and natural gas industries from exploration, production, refining, marketing, transport, and sales. The stock shows a bullish sequence from all-time low but now is in the process of correcting cycle from March 2020 low. Below is the Elliott Wave outlook for the stock.
Chevron monthly Elliott Wave chart
Monthly Elliott Wave of Chevron (CVX) above shows the stock ended wave ((I)) at 135.1 on 7.1.2014 high. The stock then did a larger 3 swing pullback in the form of a zigzag and ended wave ((II)) at 51.06 on 3.1.2020 low. The stock has rallied higher in wave ((III)). It has broken above wave ((I)) at 135.1 confirming the next leg higher has started. Up from wave ((II)), wave (I) ended at 182.4. Pullback in wave (II) is in progress to correct cycle from 3.1.2020 low before the rally resumes. As far as pivot at 51.06 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Chevron daily Elliott Wave chart
Daily Elliott Wave chart of CVX above shows the pullback in wave (II) is in progress as an expanded Flat Elliott Wave structure. Down from wave (I), wave a ended at 132.54 and wave b rally ended at 189.68. Wave c lower is in progress as a 5 waves impulse. Potential target for wave c is 100% – 161.8% Fibonacci extension of wave a which comes at 109.1 – 139.7. This is the area to end wave c of (II) and the stock can resume higher from here.
Chevron Elliott Wave forecast video
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
Editors’ Picks

AUD/USD stands firm near 0.6350 after Australian trade data
AUD/USD holds higher ground near 0.6350 early Thursday, sitting at weekly highs after stronger-than-expected Australian Trade Balance data for January. Further, the pair capitalizes on sustained US Dollar weakness on Trump's tariffs-led US economic concerns and dovish Fed expectations.

USD/JPY bounces back toward 149.50 on firmer US Treasury yields
USD/JPY catches fresh bids and bounces toward 149.50 in Thursday's Asian trading. The pair draws support from rising US Treasury bond yields, which cushion the US Dollar downside. However, BoJ rate hike bets could limit the pair's upside amid lingering global trade war fears.

Gold price looks to all-time highs at $2,956, awaiting US Nonfarm Payrolls
Gold price is sitting at one-week highs near $2,930 early Thursday, consolidating a three-day recovery while aiming for a retest of lifetime highs of $2,956 ahead of mid-tier US economic data releases.

Ethereum holds $2,200 support despite Pectra's issues on Sepolia testnet
Ethereum is up on Wednesday after developers fixed issues with the Pectra upgrade's deployment on the Sepolia testnet. The top altcoin aims to hold the $2,200 support level amid negative sentiments from Pectra's failure on testnets.

Why AAVE is rallying even as Bitcoin, Ethereum, XRP lag
Aave (AAVE), the native token of the Aave lending protocol, is rallying on Wednesday as the crypto market recovers from Monday’s bloodbath. Bitcoin (BTC), Ethereum (ETH), and XRP note small gains on the day as traders maintain a risk-averse stance in crypto, grappling with volatility concerns this week ahead of the White House Crypto Summit on Friday.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.