CVX Chevron looking for entry point
Monthly trend
the high in 2014 @ 135USD has been corrected in an ABC flat correction
the low @ 51,20USD corresponds to the 38,2% fibo level
Therefore we would be now in a 3rd wave higher degree begining in march 2020
Weekly trend
the high @ 103,59USD has been corrected to the 23,6% fibo level in october 2020 = 65USD
Therefore we would be in a 3rd wave again (so III-3)
Dayly trend
see picture
looks like we have behind us the 1st and the 2nd wave and are now in the 3rd wave which looks extended
so 3rd of 3rd of 3rd = III-3-(3) - the best for trading actually
we would now assume that this 3rd wave is extend as said and we have 1 and 2 behind us
so we are now in the III-3-(3)-3
4 hours trend
the first wave of the III-3-(3)-3 is ongoing
assuming the resistance around 110-113 USD, we could imagine the following scenario
hitting the resistance
correction around the 38,2% fibo = around 100USD
buying at this level with a stop under 92USD
in order to surf the 3rd wave or better said the 3rd of th 3rd of the 3rd of the 3rd...
The bullish trend will be confirmed above 113USD
the high in 2014 @ 135USD has been corrected in an ABC flat correction
the low @ 51,20USD corresponds to the 38,2% fibo level
Therefore we would be now in a 3rd wave higher degree begining in march 2020
Weekly trend
the high @ 103,59USD has been corrected to the 23,6% fibo level in october 2020 = 65USD
Therefore we would be in a 3rd wave again (so III-3)
Dayly trend
see picture
looks like we have behind us the 1st and the 2nd wave and are now in the 3rd wave which looks extended
so 3rd of 3rd of 3rd = III-3-(3) - the best for trading actually
we would now assume that this 3rd wave is extend as said and we have 1 and 2 behind us
so we are now in the III-3-(3)-3
4 hours trend
the first wave of the III-3-(3)-3 is ongoing
assuming the resistance around 110-113 USD, we could imagine the following scenario
hitting the resistance
correction around the 38,2% fibo = around 100USD
buying at this level with a stop under 92USD
in order to surf the 3rd wave or better said the 3rd of th 3rd of the 3rd of the 3rd...
The bullish trend will be confirmed above 113USD
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