We will look at the past performance of the 1H Hour Elliott Wave chart of Exxon Mobil Corp (XOM) The rally from 11.16.2023 low at $101.15 unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
$XOM 1H Elliott Wave Chart 11.21.2023:
Here is the 1H Elliott Wave count from 11.21.2023. We were calling the pullback to find buyers at red B in 3 swings (ABC).
$XOM 1H Elliott Wave Chart 11.19.2023:
Here is the 1H update from 11.23.2023 showing the bounce taking place as expected. The stock reacted higher after reaching the equal legs area from 11/20 peak allowing longs to get a risk free position. We expect the stock to continue higher and reach $106 - 109 as long as $101.15 remains intact.
Source: https://elliottwave-forecast.com/stock-market/exxon-mobil-corp-xom-calling-zigzag-higher/
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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