Elliott Wave view: Exxon Mobil rally eyes $153 before renewed downside risk [Video]

Exxon Mobil (XOM) achieved a historic all‑time high of $176.4 on March 30. Since that peak, the stock has entered a corrective phase, unfolding in a double three Elliott Wave structure. The initial decline, identified as wave ((W)), concluded at $141.97. A subsequent rebound in wave ((X)) reached $163.65 before the downward trend resumed. Price must break below the $141.97 low of wave ((W)) to confirm this bearish view.

Wave ((Y)) is developing as a zigzag formation. From the wave ((X)) high, wave 1 ended at $155.35, followed by wave 2 at $159.39. The third wave extended lower to $145.75, while wave 4 produced a modest rally to $151.17. The final leg, wave 5, terminated at $144.71, completing wave (A) of a higher degree. At present, wave (B) is unfolding as a corrective rally. This move is retracing the cycle from the May 20 high and may take the form of either three or seven swings before the decline resumes.

The potential target for wave (C) can be projected using the Fibonacci extension of wave (A). The 100%–161.8% range lies between $153 and $156, a zone where the rally is expected to encounter resistance. Within this area, the corrective advance may fail, setting the stage for renewed weakness. In the near term, as long as the pivot at $163.65 remains intact, the expectation favors failure of the rally in three, seven, or eleven swings, ultimately leading to further downside.

Exxon Mobil 45-minute Elliott Wave chart

Exxon Mobil Elliott Wave [Video]