Its very rare when a trader would actually get the real meaning of the market prices. In this post, which is purely experimental, I want to put Wolfe Wave to the test with Chevron.
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| CVX - Wolfe Waves |
Currently, prices show a Wolfe Wave triangle in formation with points 1, 2, 3 being formed. Conventional wisdom says not to trade Wolfe Waves before Wave 4 is formed and we stick to that. But by going ahead with our projections, it would be nice to see how price is going to play out.
Key points
- Expecting a reversal at 124.18, around July 12th.
- Look to EMA's for possible clues on price reversals
- Expect the sell off to push price to $111.86 - $109.98
- A bullish move likely from the above regions possibly shooting above $127.42
- This bullish reversal's price point is likely to be $133, with ETA around 17th September
And here's the analysis playing out....
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