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 theory, feel free to contact me.
Neverthless i could profit from yesterdays rallye, what a time to be alive!