Common sense dictates not to trade Wolfe Waves until Point 4 is formed. I've been trading with WW for quite a while and CVX presents a great opportunity to 'guess'timate how price is likely to move.
So far, we have Points 1, 2, 3.
Currently, we are in the process of Point 4 being established. Price should ideally reverse around $124.44
After which, we expect...
I had previously published another chart, which hinted at a drop in CVX to 110 levels before shooting up to 128+ region. This analysis is based on a rather simple EMA, Trendline Break and Fibonacci Level.
Firstly, we have the 21EMA above the price.
The trendline is upward sloping, which has been broken (but not before making a high at 127.33).
We then plot a Fib...
I was led to look into Chevron's charts based on an article on Seekingalpha. The technicals point to a correction to 108 - 109 and then a strong rally.
For those interested, you can read the comments on Chevron here: bit.ly
How is it that crude oil is so far out of sync with the price of energy stocks?
This chart shows you very clearly how they move together, but at times they reach extremely far apart. After an extreme, they come back together in a dramatic fashion.
I can't wait until Tradingview has ratio charts so you can see what the ratio chart looks like.
The lift in...
I think that CVX is over-extended here at $103.69 on this rally from the 87 level up to 104. There were strong sellers that emerged at these levels back in April, May, June, July & August. Look for a retest of the $100-$98 support level with risk to $106+. I liked getting long crude oil when prices were down near $80 per barrel, but now that prices are back...
