Chevron: The Chart’s Reaching a Critical PointChevron is starting to look very interesting again — but let’s be clear from the start: Chevron, like every oil giant, lives and dies by the price of oil. If oil rips higher or collapses due to global politics, supply shocks, or economic chaos, Chevron NYSE:CVX follows. No exceptions.
That said, what we’re seeing on the chart right now is increasingly pointing toward a deeper correction — specifically down to the $113–$100 zone. That would make sense structurally as a Wave 4 retracement.
But there’s a technical nuance here. Wave 1’s high sits at $103 — and depending on how strict your Elliott Wave rules are, Wave 4 dipping into Wave 1 is bad territory. Personally, I’m okay with a brief touch into that range, but I don’t want to see price hanging around below $103 for long.
From a trend perspective, we’re clearly in a downward channel. We just saw a textbook bull trap:
Chevron broke out with a solid +7% move over two weeks,
Followed immediately by a massive 22% drop,
One of the sharpest two-week declines since — yeah — March 2020, pandemic levels.
Now, price is hovering around $130, and the setup is simple:
If this level holds, great — maybe we’re bottoming.
If it breaks, I’m looking to buy between $113 and $100. That’s where the structure aligns, the volume kicks in, and risk/reward starts to make sense again.
So here’s the real question:
Do we see $200 first — or $100?
I’m leaning $100 first.
Not because I’m bearish long-term— but because that level would clean up the chart, shake out the noise, and give us a real shot at riding the next strong leg higher with conviction.
Would love to hear what you think — where’s your bet?
