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.

XOM Elliott Wave technical analysis

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]

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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