Elliott Wave View: Chevron ($CVX) A Bottom Is Close

The Energy Industry has had a some rough waters for the past few years with Chevron also participating in the rout. However, the current technicals on the chart suggest a major low is possible in 2020. Recently, a lot has happened in the oil industry, OPEC+ (which included Russia) has been all but abandoned. A day after Russia had rejected the idea of new cuts, Saudi Arabia decided to wage a full on war in oil . The aftermath was stunning with CL_F having dropped from the previous close of $41.05 to a $20.52 recent low. With all this said, CL in addition to the energy industry looks to print an important low in 2020.

Chevron Weekly Elliott Wave View

CVX has a very bullish long term view. It is favoured to have a 5 waves up for wave Black ((I)) set on July 1, 2014. From there, a Double Correction appears to be taking place with an equal legs target from 68.55 to 28.05. Price is within the blue box, where buyers may come into the market for a 3 waves bounce at least.

Chevron Elliott Wave Daily

In daily, the current expectation is for a wave ((4)) to materialize soon. From there, a wave ((5)) down to complete the wave red c of blue (Y) of Black ((II)) is expected to take place.