Elliott Wave View: CDEV Should Expect Pullback

Centennial Resource Development, Inc., (CDEV) is an independent Oil & Natural gas company, focuses on the development of unconventional oil & associated liquid rich natural gas reserves in US. It trades as CDEV ticker at Nasdaq under Energy sector.

In previous blog of CDEV dated 11/02/2021, it expected to end the impulse cycle within sequence from 8/20/2021 low as (1) of ((5)), which is in fact whole ((5)) wave instead. So below $8.29 high, it expect to correct lower. In daily, it favored ended impulse as I red at $8.29 high on 11/04/2021 in the cycle started from 4/01/2020 low. While below $8.29 high, it expect to pullback in 3, 7 or 11 swings to correct as II before it resume the next leg higher.

CDEV - Elliott Wave Daily View from 11/02/2021:

It favored ended ((1)) at $2.21 high on 6/08/2020 from $0.24 ATL in daily. Below $2.21 high, it placed ((2)) at $0.51 low on 9/10/2020 low. Wave ((2)) was retraced 0.854 against previous cycle. It favored ended ((3)) at $7.51 high on 6/23/2021 as third wave extension within third wave extension. Third wave extension is very common in stock market. ((4)) favored ended at $3.90 low on 8/20/2021 as double correction. Above $3.90 low, it finally ended ((5)) at $8.29 high on 11/04/2021 high as expected in earlier blog. It currently favoring correction in 3 or 7 swings lower as II.

CDEV - Elliott Wave Daily Latest View:

It placed ((A)) at $5.40 low on 12/02/2021, while above there it proposed ended ((B)) at $7.00 on 12/10/2021 high. Currently it favored to correct lower in (©) of II towards equal leg between $4.10 - $2.30 area before turning higher again. Alternatively, ((B)) might extend higher in flat correction, which ideally should fail below $8.29 to turn lower. In such case, the equal leg area for (©) will change accordingly.

Source: Elliott Wave View: CDEV Should Expect Pullback