XOM - Blow Off UTAD ?XOM appears to be entering the blow off top phase of this enormous rally since 2020 lows.
1:1 fib extensions taken from the low and the thrust candles give targets of $109 and $112, however using 1.13 overshoot ratios could see XOM get as high as $124.
If it did get there it would touch the upper trendline of this long expanding pattern from 2008 of which appears to be itself a very long Wyckoff distribution pattern which would eventually see XOM return to much lower price along with USOIL.
Worth noting that the 2020 low was the first time XOM has fallen below the 200 month MA. Prior to that all price action had been corrective to the upside since 2008 top.
Down the road I very much expect XOM to touch the lower trendline and there is also an enormous gap at $32 that may fill at some point. This may provide a good entry to buy.
That said if this is a very long breakdown pattern and if XOM did top around somewhere between here and $124 then a 1.618 extension from the 3 significant pivots since 2008 would see XOM return to around $16-19.
Put IV is very low and a trade could benefit well from IV expansion.
Not advice.
