Daud Bhatti

Exxon Mobil Corp ($XOM) Found Buyers After a Corrective Pull Back.


Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Exxon Mobil Corp ($XOM). The rally from 7.17.2022 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XOM 1H Elliott Wave Chart 8.8.2023:

Here is the 1H Elliott Wave count from 8.08.2023. The rally from 7.17.2023 peaked at blue (1) and started a pullback to correct it. We expected the pullback to have found a bottom after 3 swings lower at $104.84.

$XOM 1H Elliott Wave Chart 8.11.2023:

Here is the 1H update from 8.11.2023 showing the bounce taking place as expected. The stock has reacted higher after doing 3 swings lower and broke above the blue (1) peak creating a bullish sequence. We expect the stock to print a new high for the year and reach $124 – 132 before a pullback can happen.


Elliott Wave Forecast

We cover 78 instruments, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet,   and get access to new trading opportunities.

Welcome to Elliott Wave Forecast!

Elliott Forecast
Elliott Forecast (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions. 

Daud Bhatti

Other Reports from Elliott Forecast

ResearchPool Subscriptions

Get the most out of your insights

Get in touch