Chevron (CVX) is approaching a critical decision pointChevron CorporationNYSE:CVXHKCM_GlobalPrice is currently testing a key support level at $171.74, which corresponds to the high of Wave 1 from January. With CVX trading less than 1% above this level, the market is now at a pivotal stage for the broader wave count. As long as support holds, the current structure continues to favor the completion of Wave A and the potential formation of a Wave B low, setting the stage for a Wave C advance to complete the larger Wave 2 correction. This scenario could open the door for a bullish corrective move of around 20% before the next major impulsive phase develops. However, a decisive break below support would increase the probability of a more extended Wave B decline and force a reassessment of the current outlook. The next reaction from this area will be crucial in determining which scenario takes control.