CVX, Chevron

cvx jul 2012 arithcvx jul 2012 log

oil 2012

Chevron is among the biggest integrated oil companies. Here is the chart , both arithmetic and semi-log. The small chart is oil itself, just the last 5 years; obviously there is no correlation!

The count may need some adjusted but in the big picture it is probable more or less spot on. A drop to about $60 would be normal. Big trouble would start at about $80 where the stock would drop out of its 40 year channel.  We expect that it will;

cvx jul 2012 s

This is the 5th wave up, it starts a little earlier but I cannot get this chart for free for more than 3 years. One thing that is very definitive is the wedge at the top. It almost guarantees a drop at least to the first target of $85 or so. Time will tell.