Exxon Mobil (XOM) has reached a new all‑time high, confirming that bullish momentum has returned. The near‑term cycle, which began from the November 26, 2025 low, is unfolding as a five‑wave impulse. From that origin, wave (1) concluded at $125.93, followed by a corrective decline in wave (2) that reached $118.27. The internal subdivision of wave (2) formed a zigzag Elliott Wave structure. Within this correction, wave A finished at $122.39 and wave B peaked at $126.20. Wave C declined to $117.90, completing wave (2) at a higher degree.
Afterward, the stock resumed its upward trajectory in wave (3). From that advance, wave 1 terminated at $124.86, while wave 2 pulled back to $122.56. The rally continued with wave 3, which ended at $131.72. A subsequent retracement in wave 4 that settled at $128.30. The structure suggests one more leg higher is likely, completing wave 5 of (3).
Once wave 5 concludes, a corrective phase in wave (4) should emerge, addressing the cycle from the January 8, 2026 low before the broader uptrend resumes. In the near term, as long as the pivotal support at $117.90 remains intact, any pullback is expected to find support within the 3, 7, or 11 swing sequence. This framework indicates that Exxon Mobil retains a constructive outlook, with the Elliott Wave structure favoring continued strength once short‑term corrections are absorbed.
