Elliott Wave View: Exxon Mobil (XOM) Should See Further Downside

Exxon Mobil (XOM) shows incomplete bearish sequence from 6.8.2022 high looking for further downside. The decline from 6.8.2022 high is unfolding as a zigzag Elliott Wave structure. Down from 6.8.2022 high, wave (A) ended at 83.52 and rally in wave (B) ended at 93.24. The stock has resumed lower and broken below wave (A) suggesting the next leg lower wave (C) has started. Down from wave (B), wave 1 ended at 81.01. Internal subdivision of wave 1 unfolded as a 5 waves impulse structure. Down from wave (B), wave ((i)) ended at 84.71 and rally in wave ((ii)) ended at 89.35. Stock resumes lower in wave ((iii)) towards 83.01, rally in wave ((iv)) ended at 85.87, and final leg lower wave ((v)) ended at 81.01 which completed wave 1.

Wave 2 rally is in progress to correct cycle from 6.28.2022 high in 3, 7, or 11 swing before it resumes lower. Internal of wave 2 is unfolding as a zigzag structure. Up from wave 1, wave ((a)) ended at 87.30 and pullback in wave ((b)) ended at 82.86. Wave ((c)) higher can see stock reaching 89.2 – 93.1 area to complete wave 2 before it resumes lower. As far as pivot at 93.26 high remains intact, expect rally to fail in 3, 7, or 11 swing for further downside.