XOM Found Buyers At The Blue Box Equal Legs Area

XOM 1 Hour Elliott Wave Analysis 11.12.2020

XOM is giving us pull back wave ((iv)) black that looks incomplete at this stage. We expect to see another leg down toward 35.47–34.22 ( buyers zone) . From marked Blue Box area area we expect rally to take us toward new highs ideally. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. We don’t recommend selling it. Strategy is buying the dips at the marked blue box area. As XOM is bullish against the 32.53 low , we expect to see 3 waves bounce at least from the mentioned zone. As soon as the price reach 50 Fibonacci Retracement against the (x) blue peak, we should make long positions Risk Free ( put SL at BE).

XOM 1 Hour Elliott Wave Analysis 11.13.2020

Eventually we got another leg down toward blue box area. XOM found buyers and giving us nice reaction when we call wave 4 red completed at the 34.86 low. However we would like to see further separation from the current short term low and ideally to see break above red 3 peak( 11/09) in order to confirm wave 5 is in progress. We don’t recommend selling XOM in any proposed pull back and favor the long side from the blue box.

XOM 1 Hour Elliott Wave Analysis 11.13.2020

34.86 low held nicely during the short term pull back and we got further rally. XOM broke 11/09 peak confirming next leg up is in progress. Cycle from the 31.11 low can remain in progress as far as the 34.86 pivot holds. We expect to get pull back that should find buyers again for further rally.

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