Chevron Wave Analysis – 27 February, 2020

• Chevron broke long-term support level 100.00
• Likely to fall to 95.00

Chevron recently broke below the major long-term support level 100.00 (which stopped the sharp impulse wave (5) in November of 2019, as can be seen below).

The breakout of the support level 100.00 accelerated the active impulse waves 5 and (3).

Chevron is likely to fall down further toward the next support level 95.00 (intersecting with the support trendline of the wide weekly down channel from the start of 2018).