XOM Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {iii} of 1.
Direction: Upside in wave {iii}.
Details: Wave (4) appears to be complete, with a five-wave advance in wave {i} followed by a three-wave correction in wave {ii}.
Exxon Mobil (XOM) is showing signs of a renewed bullish trend following the completion of wave (4). The daily chart indicates a five-wave rally forming wave {i}, then a corrective pullback forming wave {ii}. Current price movements suggest the beginning of wave {iii}, which typically carries strong upside momentum in an impulsive trend. This pattern supports the outlook for continued gains in the near term.
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (iii) of {iii}.
Direction: Upside in wave (iii).
Details: The move within wave (iii) is extending higher, suggesting acceleration in minute wave {iii}.
On the 1-hour chart, XOM continues to push higher within wave (iii) of minute wave {iii}. The structure exhibits impulsive characteristics, confirming a strong trend continuation. The setup indicates further bullish potential, with the current leg likely to gain pace as part of a broader rally. Traders should monitor for continued upward extension and potential breakout signals.
Exxon Mobil Inc. (XOM) Elliott Wave technical analysis [Video]
