In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of Exxon Mobil ticker symbol: XOM, which we presented to members at the elliottwave-forecast. In which, the rally from 01 February 2021 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
XOM 1 Hour Elliott Wave Chart
Above is the 1 hour Elliott Wave Chart of XOM from the 2/18/2021 Pre-Market update. In which, the stock is showing a higher high sequence from 2/01/2021 low cycle favoring more upside. While the rally from that low unfolded as an impulse structure where wave (1) ended at a $52.36 high. Down from there, wave (2) pullback unfolded as a zigzag structure where wave A ended at $49.77 low. Wave B bounce ended at $51.19 high and wave C ended at $48.03 low. Up from there, the stock rallied in another 5 waves & completed wave 1 of (3) at $53.27 high and made a pullback in wave 2.
The internals of that pullback unfolded as a zigzag structure where wave ((a)) ended at $51.90 low. Wave ((b)) bounce ended at $53 high and wave (©) was expected to reach the $51.62- $50.76 100%-161.8% Fibonacci extension area of ((a))-((b)). From there, buyers were expected to appear looking for further upside.
XOM 1 Hour Elliott Wave Chart
Here’s the 1 Hour Elliott Wave Chart of XOM 2/22/2021 Midday update. The stock is showing a strong reaction higher taking place from the blue box area after ending the zigzag correction at $51.40 low. And breaking to new highs as expected. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area.
Source: Exxon Mobil (XOM): Forecasting The Elliott Wave Path