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 – 1H 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.

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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