In our Elliott Wave analysis of Exxon Mobil Inc. (XOM), we observe an impulsive trend characterized by a motive structure. XOM is currently positioned in wave {v}, indicating an upside movement in wave {v}. It appears that a three-wave corrective move in wave {iv} has been completed, setting the stage for further upward momentum. Traders should monitor this wave closely for continued bullish developments.

XOM Elliott Wave technical analysis – Four-hour chart

On the 4-hour chart, XOM is following an impulsive trend within a motive structure, specifically in wave (i) of {v}. The current analysis shows a potential upside movement into wave (i) of {v}, with the key level to watch being the top of wave (b) at $120. Breaking this level would provide additional confirmation of further upside. Traders should be prepared for potential long positions as this bullish scenario unfolds.

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave (i) of {v}.

Direction: Upside in wave (i) of {v}.

Details: Looking for upside into wave (i) to take out the top of wave (b) at 120$ to give us additional upside confirmation.

Exxon Mobil Inc. (XOM) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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