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]