In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave charts of Exxon Mobil ticker symbol: XOM, which we presented to members. But before digging further into the Charts, we need to understand the market nature first. The market is always a fight between the two sides, Buyer and Sellers. We at elliottwave-forecast.com understand the Market Nature and always recommend trading the no-enemy areas.
There are always areas where both sides, Buyers and Sellers agree into a move. We called these no-enemy areas which are reflected as blue box areas on our Charts, which gave us the reaction in favor of market direction in 3 swings at least. Now, let us take a look at the decline from 4/23/2019 peak ( $83.49 ) unfolded in 5 waves impulse structure and ended wave 1 at $75.17 low. Up from there, the stock was expected to fail in 3, 7 or 11 swings within wave 2 bounce for another 5 waves extension lower at least. We will explain the structure below
XOM 1 Hour Elliott Wave Chart From 5/16/2019
Up from $75.17 low, the bounce in wave 2 unfolded as Elliott wave double three structure where wave ((w)) ended at $76.80. Wave ((x)) pullback ended at $75.21 low. And wave ((y)) was expected to reach our blue box no enemy area at $76.84-77.85 100%-161.8% Fibonacci extension area of ((w))-((x)). From there, the stock was expected to react lower either for more downside or for 3 wave reaction lower at least.
XOM 1 Hour Elliott Wave Chart From 5/19/2019
XOM 1 hour Elliott wave Chart from 5/19/2019 weekend update, in which the stock reaches the no enemy area at $76.84-77.85 and reacted lower in favor of turning right side arrow, allowing any shorts to go into risk-free position. The decline from $76.95 unfolded in another lesser degree 5 waves structure, which ensured us that any strength would be temporary & stock should see more downside against that peak. Also, it’s important to note that we switched the degree of labeling into intermediate degree cycles based on our correlation & distribution system.
XOM Latest 1 Hour Elliott Wave Chart From 5/23/2019
Here’s the latest 1-hour view of XOM from 5/23/2019 Pre-Market update, in which the stock is showing a strong reaction lower as we anticipated by breaking below the $75.17 low. Now looking for more downside, as far as bounces fail below $76.45 high as both right side tag & bearish sequence tag are pointing lower.
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