CHK 1 Hour Elliott Wave AnalysisHello Traders,
In this 1-hour Elliott Wave analysis, we will have a look at the CHK stock.
Up from 02/09/18 low, CHK it’s proposed to be nesting higher, where it ended blue wave (1) at the peak of 02/23/18 (3.45) and blue wave (2) pullback at the low of 03/02/18 (2.76).
Up from that low, current view is suggesting that the stock is in a extend blue wave (3), where it ended internal red wave 1 at the peak 05/22/18 (5.00) and red wave 2 pullback at the low 05/25/18 (4.09).
From there it completed black wave ((i)) at the peak of 06/11/8 (5.10) and black wave ((ii)) pullback at the low of 06/15/18 (4.54).
Up from 4.54 low, it ended a 5 wave Elliott Wave leading diagonal structure in blue wave (i) at the peak of 06/22/18 (5.13) and the proposed pullback in blue wave (ii) ended at 06/26/18 low (4.77) in an Elliott Wave triple structure.
Up from there, we are calling red wave i completed at 06/27/18 peak (5.45) and the pullback in red wave ii at 06/28/18 (5.04) completed as well.
As long as CHK stays above 5.04 low and more importantly the pivot at 4.77 low stays intact in our distribution system, we are expecting it to extend higher. However, a double correction lower in red wave ii can't be ruled out as long as the stock does not break red wave i peak. We don't like the selling as the right side remains to the upside.
