Most oil stocks showed impressive movement in the last week, a very long correction seems to come to an end.
Currently we are still more than 60% away from the ATH and Exxon Mobil is still very cheap to buy.
The 35% growth that we saw since the bottom of big wave 2 is very likely the first impulse of a 1-5 structure.
We are forming a solid 1-2 setup and will correct at least to 37$-35$.
From there we will start the wave 3, which will bring us to prices above 50$ or even more.
My alternative scenario will get triggered if we break the previous high of wave 1 @42.07$
The bulls will push Exxon Mobil directly to prices above 50$ and we won't see another correcting in the upcoming days.
If you have questions related to a specific stock or the theory, feel free to contact me.