CVX, Chevron update

cvx april 30 2015 bcvx april 30 2015 s

Last year August, see previous blogs, we noticed the absolute precise symmetry in this stock’s legs, presumably waves 3 and 5. A good time, almost always, to get out, and it was this time as well as the stock lost about $35 or 30% in a very short time. Given the stock’s rise in the previous years this is hardly a serious correction, certainly not one that reflects the 50 to 60 percent drop in oil itself. So, like with Royal Dutch which, by the way, is of equal cap. size without BG included, but earns a much higher dividend, it looks like the next move might be down again.

The short term chart has a count that could accommodate that, it is not the only one, and the very clear wedge that it now sports going right into the 200 day moving average adds weight to this view.