Chevron Projected to Rise Around 8%, Classic Elliott 5-Wave
1) Price has been trading within an Uptrend Channel, since Sep 2012
2) Price was resisted against 128.00 from 2013 to 2014, with an attempt to break the Channel Trendline on 2014-01-30. However this turns out to be a false break, with price trading back into the Uptrend Channel
3) We note a classic Elliott Wave developing, from 2014-04-14 to 2014-07-15, with a 2 clear impulse waves and 2 corrective waves.
Given the cluster of Support buying at 128.00 levels, it is projected that Price is ready to breakout above 132.00 and trade higher, forming the next impulse wave.
Theoretical Price Projection:
a) 139.76 (Assumption: Wave III = Wave V)
b) 147.02
Upper Channel Limitation: Any upward move will most likely be bounded by the Upper Channel Line
Time Limitation: The projected strong upward price movement should happen within 12 Trading Days, after price closes above 132.00
2) Price was resisted against 128.00 from 2013 to 2014, with an attempt to break the Channel Trendline on 2014-01-30. However this turns out to be a false break, with price trading back into the Uptrend Channel
3) We note a classic Elliott Wave developing, from 2014-04-14 to 2014-07-15, with a 2 clear impulse waves and 2 corrective waves.
Given the cluster of Support buying at 128.00 levels, it is projected that Price is ready to breakout above 132.00 and trade higher, forming the next impulse wave.
Theoretical Price Projection:
a) 139.76 (Assumption: Wave III = Wave V)
b) 147.02
Upper Channel Limitation: Any upward move will most likely be bounded by the Upper Channel Line
Time Limitation: The projected strong upward price movement should happen within 12 Trading Days, after price closes above 132.00