ExxonMobil: Toward the Resistance

ExxonMobil: Toward the Resistance

As planned, XOM recently continued to rise with the magenta wave . We give this movement a bit more room, but another smaller corrective movement of wave [ii] should start below the resistance line at $126.34 before XOM ultimately surpasses this mark. Once the upward movement stalls below $126.34, it is important that the price doesn't fall too deeply afterward. After all, there is a 40% probability for our alternative scenario, where not wave in magenta but wave alt.2 in turquoise would develop its high – confirming an already established top of the overarching wave alt.(B) and, thus, a generally corrective scenario.