Elliott Wave View Expects More Downside in Exxon Mobil (XOM)Hello Traders,
Exxon Mobil (ticker: XOM) has broken below Nov 23 low ($74.7) and opens further downside in the stock with incomplete sequence from Sept 25 high ($87.36). Short Term Elliott Wave view suggests bounce to $81.97 on 12/5 high ended red wave X. Decline from there is unfolding as a double three Elliott Wave structure where black wave ((w)) ended at $74.8. Internal of wave ((w)) unfolded as another double three Elliott Wave structure of a lesser degree. Blue wave (w) of ((w)) ended at $76.92, blue wave (x) of ((w)) ended at $80.36, and blue wave (y) of ((w)) ended at $74.80.
Black wave ((x)) is in progress to correct cycle from 12/5 high as a double three Elliott Wave structure where blue wave (w) of ((x)) ended at $77.77 and can have ended blue wave (x) pullback at 75.68 low. We expect another leg higher to complete blue wave (y) of ((x)) of the double three pattern before the stock resumes lower. We expect sellers to appear and rally to fail below $81.97 in 3-7-11 swing for more downside in the stock.
