XOM - 9:1 or another drop?

Fellow traders please manage your risk, i will never risk more than 1% of my capital on a trade and i seriously urge you do to the same!

I watched Exxon Mobil NYSE:XOM very carefully in the past few days and spotted a possible entry.
The structure of the last few days looks like a Wave 1-2-3-4 and we already corrected to the 0.5 retracement.
Because of the risk/reward of 9.0 i just opened a long position, beware that this is a risky move and i normally don't trade in this short timeframe.

I am trading with a guaranteed stop loss order ( GSL ), if the price should drop heavily in the pre-market session.

Primary scenario: Likelyhood 55%
We are forming a solid 3-4 setup and are setting us up for Wave 5 which will bring us to 35$.

Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous high of wave 1 @31.13$.
A further drop of about 10% will be very likely and the future of XOM remains uncertain.


If you have questions related to a specific stock or the Elliot Wave theory, feel free to contact me.
Trade active: Trade open as described...
Trade closed: stop reached: Okay i got a loss of 0.63%, if biden wins the american oil industry is pretty much done.
If you should have any questions or want to get signals before i publish them on tradingview, feel free to contact me.


Hey , wat is your view now that Xom is hovering around 37 plus? Time to cash out abit and then wait for it to drop again? What is the support level and what will be the immediate resistance level?
+1 Reply
Mornau-Research Declutter69
@Declutter69, I think that we just formed a big Wave 1 and now i am expecting a corection in wave 2. I will watch XOM very carefully in the next few days and will search for a long entry. Stay tuned!
Dang. To bad you got stopped out. Sucks to lose money, when you end up being right.
+1 Reply
@eb8, It sucks i know, especially when my prediction plays out.
Neverthless i could profit from yesterdays rallye, what a time to be alive!
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