Exxon Mobil (ticker: XOM) has broken below Nov 23 low ($74.7) and opens further downside in the stock with incomplete sequence from Sept 25 high ($87.36). Short Term Elliott Wave view suggests bounce to $81.97 on 12/5 high ended Minor wave X. Decline from there is unfolding as a double three Elliott Wave structure where Minute wave ((w)) ended at $74.8. Internal of wave ((w)) unfolded as another double three Elliott Wave structure of a lesser degree. Minutte wave (w) of ((w)) ended at $76.92, Minutte wave (x) of ((w)) ended at $80.36, and Minutte wave (y) of ((w)) ended at $74.80.
Minute wave ((x)) is in progress to correct cycle from 12/5 high as a zigzag Elliott Wave structure where Minutte wave (a) of ((x)) ended at $76.7. Expect a pullback in Minutte wave (b) and another leg higher to complete Minutte wave (c) of ((x)) and end the zigzag pattern before the stock resumes lower. We expect sellers to appear and rally to fail below $81.97 in 3-7-11 swing for more downside in the stock.
XOM 1 Hour Elliott Wave Chart
