XOM stock finds buyers after Elliott Wave double three pattern

In this technical blog, we’re going to take a quick look at the Elliott Wave charts of Exxon Mobil Corporation (XOM) stock, published in the members’ area of the website.

Recently, XOM completed a three-wave structure from the peak, unfolding as an Elliott Wave Double Three pattern. The stock found buyers right at the Equal Legs zone. In the following analysis, we will examine the Elliott Wave structure in detail and present the key invalidation and target levels.

XOM Elliott Wave one-hour chart 08.26.2026

XOM stock is correcting the cycle from the 149.08 low. The price structure of the pullback looks incomplete at the moment. The current view suggests more short-term weakness before the next rally takes place.

As our members know, we identify the reversal/buying zone by measuring the W-X Equal Legs area using the Fibonacci Extension tool. In this case, the Equal Legs zone comes at 158.11–154.14. From this area, we expect buyers to step in and regain control, potentially driving the price higher in a three-wave bounce.

XOM Elliott Wave one-hour chart 08.31.2026

The stock found buyers at the Equal Legs zone, producing a solid reaction from that area. The pullback is counted complete at the 155.46 low. As a result, any long positions taken from the Equal Legs zone should be risk-free by now.

The rally from the Equal Legs zone looks impulsive, so we have labeled it as wave ((i)) of a new bullish sequence. The 155.46 low is the key level at this stage. As long as the price stays above that level, the next wave higher can be in progress, targeting the 171.6+ area.