XOM - Now it get's interesting!

Welcome back to another update on Exxon Mobil . NYSE:XOM

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.

Primary scenario:
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.

Alternative scenario:
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 Elliot Wave theory, feel free to contact me.
If you should have any questions or want to get signals before i publish them on tradingview, feel free to contact me.


what do you think about SU (suncor) as the limited resources america has is a problem and canada is plentiful...which has a better technical long and likewise for the short.
+1 Reply
Mornau-Research awisecrackin
@awisecrackin, I have taken a look into Suncor and it looks very promising, this company surely has a bright future. If i should have some spare time i will publish a report about suncor.
awisecrackin Mornau-Research
@Mornau-Research, good to hear. If i were to invest in oil/midstream/gas etc. i suppose it would be this but not sure how the opportunity cost really compares to tech stocks. I mean come on, right?
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