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XOM Elliott Wave View: Forecasting Decline Lower


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XOM Elliott Wave View: Forecasting Decline Lower

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of the Exxon Mobil ticker symbol: XOM.In which, the decline from 08 June 2020 peak unfolded as animpulse 5 wave structure.Thus suggested that its a continuation pattern. And as perElliott wave theoryafter a 3 waves pullback, it should do another extension higher in 5 waves impulse structure at least. Therefore, we advised members not to buy the instrument & trade the no enemy areas ( blue boxes) as per the Elliott wave hedging tool. Looking for 3 wave reaction lower at least. We will explain the structure & forecast below:

XOM 1 Hour Elliott Wave Chart

XOM Elliott Wave View: Forecasting Decline Lower

XOM 1 Hour Elliott Wave Chart from 6/16/2020 Pre-Market update. In which, the bounce to $56.39 high ended a cycle from March 2020 lows. Down from there, the decline unfolded as 5 waves impulse structure where wave (1) ended at $50.60 low. Wave (2) ended at $52.16 high, wave (3) ended at $46.93 low, wave (4) ended at $48.84 high, and wave (5) ended at $46.05 low. Above from there, the stock made a 3 wave bounce to correct the cycle from $56.39 high. The internals of that bounce unfolded as an Elliott Wave Flat structure where wave (A) ended at $48.62 high. Wave (B) ended at $44.75 and wave (C) was expected to reach $49.59- $51.45 100%-161.8% Fibonacci extension area of (A)-(B). From where sellers were expected to appear in the stock looking for another 5 waves lower or for 3 wave reaction lower at least.

XOM 1 Hour Elliott Wave Chart

XOM Elliott Wave View: Forecasting Decline Lower

Heres 1 Hour Elliott Wave Chart from 6/25/2020 Post-Market update. In which, the stock is showing strong reaction lower taking place from the blue box area.Allowed members to create a risk-free position shortly after taking the shorts at$49.59- $51.45 blue box area.Its important to note that with further market data, we re-adjusted the count by downgrading the degree of labeling in 1 Hour Charts.

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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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