CVX, Chevron update

The usual then, Jan 22, and now charts.

cvx jan 22 2016cvx mar 8 2016

Chevron was always a little ahead of Shell and has a slightly different pattern, perhaps. But from EW point of view this one is fairly simple. From the Aug. lows there was an initial 5-wave correction which then has to be a first leg of a 5-3-5 A-B-C. Sofar that is exactly what we are getting. There is a whole cluster of “logical” targets, the B wave level (in purple), the 61.8% retracement level and equality between C and A all around 104/105. You are already up about 26% but now it is worth holding out for more.

This has been a great stock to analyse.  It must have read the script. We even got the top right all though we were late to recognize that, see our blog a year earlier, Feb. 22 2014;

cvx feb 22 2014