Strictly speaking, $CDEV is in a bear wedge here, but I do not believe this will be one that breaks down, but rather, I believe it is a coil that will propel it higher (given my outlook on the markets as a whole). Wave 5 may go as high as it would like, but I would be cautious as we approach the prior all-time highs as that is a predictable place for supply to enter the market and it would give the structure off the COVID lows just about a perfect “look.”
