Good Day Traders, In this technical blog, we are going to take a look at the Elliott Wave path in Chevron ($CVX).
Chevron Corporation is an American multinational energy corporation predominantly in oil and gas. It is the second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is headquartered in San Ramon, California, and active in more than 180 countries. Within oil and gas, Chevron is vertical integrated and is involved in hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.
$CVX 4H Elliott Wave Analysis Feb 5th 2023:
The 4H Chart above shows the cycle from 9.28.2022 low unfold in a 5 wave impulsive structure that ended red III on 11.14.2022 at $189.68. The stock then started a pullback to correct the cycle against 9.28 low in a Double Three structure (WXY). The correction is still unfolding and so far has completed the first and second leg. As long as price remains below ((X)) at $189.00, $CVX is expected to remain weak. Bounces should find sellers and continue lower towards the Blue Box area at $166.35 – 152.32. We like buying the blue box area as long as the pivot at $139.96 remains intact.