TRENDING:

XAU/USD

EUR/USD

GBP/USD

Silver

Newsletter

Chevron Inc (CVX) Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

CVX Elliott Wave Analysis Trading Lounge Daily Chart,

Chevron Inc., (CVX) Daily Chart.

CVX Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Minor wave 1.

Direction: Upside in Minute {v}.

Details: Looking for a top in Minor wave 1, to ideally break previous wave B top at 171$ to give us additional upside confirmation.

CVX Elliott Wave Analysis Trading Lounge 4Hr Chart,

Chevron Inc., (CVX) 4Hr Chart.

CVX Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (e) of {iv}.

Direction: Upside in wave (i) of {v}.

Details: Looking for the potential triangle in wave {iv} to be completed and look for upside resumption.

Explore the latest Elliott Wave analysis for Chevron (CVX) as of May 20, 2024. Discover key support and resistance levels and potential price targets for CVX stock.

ETN Elliott Wave technical analysis – Daily chart

Chevron (CVX) is currently in the final stages of Minor wave 1, with an expected top in Minute wave {v}. We are looking for a break above the previous wave B top at $171, which would provide additional confirmation of further upside potential.

ETN Elliott Wave technical analysis – Four hour chart

On the 4-hour chart, CVX appears to be completing a potential triangle formation in wave {iv}. Once this triangle is completed, we expect an upside resumption in wave (i) of {v}.

Technical analyst: Alessio Barretta.

CVX Elliott Wave technical analysis

Author

Peter Mathers

TradingLounge

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

AUD/USD flirts with 0.7000, lowest since early August amid bullish USD

AUD/USD hits a fresh low since early August during the Asian session on Friday and looks vulnerable near 0.7000 after breaking below the 200-day SMA overnight. Against the backdrop of the hawkish Fed, a two-day rally in oil prices revives inflation fears and continues to push US bond yields to multi-year highs. Adding to this, geopolitical risks lift the US Dollar to a two-month high, overshadowing RBA rate hike bets and weighing on the pair.

USD/JPY pulls back from three-week high after failing near 159.00

USD/JPY edges lower during the Asian session on Friday, stalling its recent strong move to a three-week high of 159.00 as Japanese Yen bears turn cautious amid intervention fears. Meanwhile, the US Dollar retains a strong bullish undertone as the Fed's hawkish outlook and oil-driven inflation fears continue to push US bond yields to multi-year peaks. Furthermore, the BoJ's dovish rate hike last week might cap JPY and support spot prices.

Gold treads water below $4,300

Gold grabs some buying attention and advances marginally at the end of the week, partially retracing the weekly decline, although it is still navigating below the key $4,300 mark per troy ounce. The fresh selling bias on the Greenback and the modest decline in US Treasury yields appear to support the humble advance in the precious metal.

Crypto Today: Bitcoin and Ethereum edge lower, XRP extends recovery as macro headwinds weigh

The broader cryptocurrency market is consolidating on Friday, with Bitcoin paring losses slightly above $84,000. Ethereum declines in tandem with BTC. Ripple (XRP), meanwhile, paints a different picture.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Federal Reserve (Fed) and the Bank of Japan (BoJ) have just done something remarkably similar. Both central banks raised interest rates by 25 basis points (bps) last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.