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Chevron ($CVX) Still Powering Higher – Forex Market Analysis – ForexCycle.com

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The last time I covered Chevron was in March 2022. And I was expecting a larger cycle to pull back in ((4)) before resuming higher. Lets take a look at the view I was presenting back then and compare to what the market gave us.

Chevron Elliott Wave view March 2022:

Chevron

At the time, with the evidence the market was presenting, the wave count was favouring bottom set in ((4)).  Black ((5)) was favoured to be underway, and Red III would peak, with a pullback in Red IV Against the March 2020 low.  There is something we like to call “the middle zone”, where buyers and sellers are deciding direction of the market.  While price was below ((3)) and above ((4)), the market was deciding direction. Sometimes an instrument wants to do the double correction.  In this case, CVX wasn’t quite done with the ((4)).  And in fact, it presented a great opportunity for long positions.  Lets take a look at the current view.

Chevron Elliott Wave view May 2022:

Chevron

After peaking in the wave ((3)), the market decided to have a textbook pullack.  The blue blue box equal leg area presented itself from 154.83 to 143.65.  And when priced dipped into the box, buyers have reacted.  Again the market will be deciding if it wants to do further downside, or of the ((4)) low will be respected. Any buyers from the blue box should be taking partial profit at 50% back from the recent connector swing high to get risk free as soon as possible.  We do not like to sell it, we prefer to look for pullbacks in 3, 7 or 11 swing to blue boxes where buyers can enter for a bounce in 3 swing at least.  if $CVX wants to do more downside, we still like to look for blue boxes further down where buyers will enter for a bounce.

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