Elliott Wave view: Marathon Oil Corporation (MRO Stock) should pullback and extend higher

Marathon Oil Corporation (MRO) is the industry from Energy sector working as independent Oil & Gas Exploration & Production. It is headquartered in Houston, Texas & trades under MRO ticker at NYSE.

This is a continuation article for Elliott Wave view, previously posted on 10/17/2021. In previous article, we expect it to extend higher in the cycle started from August low in shorter time frame.

MRO – Old Elliott Wave analysis – 2 hour chart from 10/17/2021:

MRO made all-time low Since 1969 during Covid pandemic sell off at $3.02 low on 4/01/2020. Thereafter it started a higher high sequence & already made 17 swings higher from major low. Until the dips remains above 8/20/2021 low, it expect to extend higher in impulse sequence. Previously, MRO was analyzed in a 2-hour chart, on 10/17/2021. It was expected to make at least two more highs to end the sequence started from $10.42 low on 8/20/2021. It was outperforming the Energy sector from August low. In 2-hour, it was ended 3 red at $16.60 & 4 at 15.40 low. While above there it was expected to reach $17.40 level as a possible extension higher before it starts any larger pullback against August-2021 cycle.

MRO – Current Elliott Wave view – 2 hour chart:

It unfolds as expected as in previous update. It favored ended (1) at $17.58 high on 11/08/2021 as impulse sequence started from 8/20/2021 low. Within the sequence, 1 red ended at $12.19 high, while below there 2 ended at $11.02 low. The wave 3 favored ended at $17.32 high as third-wave extension in third-wave extension as 9 swings. The wave 4 ended at $16.34 low as running flat correction. Finally, the 5 ended at $17.58 high. Currently, it favors the correction against the August-2021 low in proposed W-X-Y correction as (2) before it resumes the next leg higher or at least 3 swing bouncer.  Alternatively, it can do double correction lower in (2), if the bounce fails below $17.58 high. We like to stay long when it reaches the equal leg area within the correction lower against the August low.