Chevron Wave Analysis – 18 May, 2022

• Chevron reversed from resistance level 174.30
• Likely to fall to support level 165.00

Chevron today reversed down sharply from the resistance area set between the major resistance level 174.30 (the previous monthly high from March and April) and the upper daily Bollinger Band.

The downward reversal from this resistance area created the daily Evening Star, which stopped the previous minor impulse wave 3 of the intermediate impulse wave (5) from last month.

Given the proximity of the resistance level 174.30, Chevron can be expected to fall further toward the next support level 165.00.