Exxon Mobil Corp Found Buyers From Extreme Area
In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Exxon Mobil Corp (XOM). The rally from 12.12.2023 low at $97.47 unfolded as 5 waves impulse. So, we expected the pullback, once that cycle ended, to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
$XOM 1H Elliott Wave Chart 12.29.2023:
Here is the 1H Elliott Wave count from 12.12.2023. We expected the pullback to find buyers at Blue (B) in a 3-swing structure (ABC) at 100.22 – 98.49.
$XOM 1H Elliott Wave Chart 1.03.2024:
Here is the 1H update from 1.03.2024 showing the bounce taking place as expected. The stock reacted higher after reaching the extreme area allowing longs to get into a risk-free position.
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