Wolfe Wave - Rectangles - Experiment 3

Here's an ongoing experiment for CVX (Chevron) shares. I've been monitoring this stock for quite a while. The chart below shows a complete analysis of CVX and likely price projections.

CVX - Wolfe Waves

At the moment, we are at Point 4. Traditionally its considered risky to trade this wave and such apply caution.

What we're looking at is for price/time. From the rectangles, we expect the lowest price to be $110.26 and the price should move out of this zone by 19th August, 2013.

I've made use of Fibs to divide this rectangle. The 23.6% and 38.2% levels can be ignored because they form well inside the triangle. The key levels to monitor would be $117.45, $115.75 and $113.02.

Traders could either go short with the above target levels or go long from the above 3 price points.

On the upside, riding the Wolfe Wave, gives us a projection price levels of $129.12, $129.76, $131.01 all of which should happen before 3rd September 2013.

Once again.. fingers crossed and let's see how this plays out.