Elliott Wave Technical Analysis: Chevron Inc. - Wednesday, April 2

Daily Chart

• Function: Counter Trend
• Mode: Corrective
• Structure: Flat
• Position: Wave {c} of B
• Direction: Targeting a top in wave B
• Details: This appears to be a corrective pattern within Minor wave B. Expecting a top soon, followed by a larger move downward to continue the overall correction.

1-Hour Chart

• Function: Counter Trend
• Mode: Corrective
• Structure: Flat
• Position: Wave (iv) of {c}
• Direction: Upside move expected into wave (v)
• Details: Anticipating one final leg higher into wave (v), targeting the 0.618 Fibonacci level of {c} vs. {a}, which aligns with the $172 resistance level—also the midpoint of MG2. Reaching this zone and showing reversal signs may confirm the completion of wave B

Technical Analyst: Alessio Barretta

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