Exxon Mobil: On the Brink of a Collapse?

Having not reviewed Exxon Mobil for a while, it's important to note its strong correlation with oil prices, on which we're currently positioned in a short trade. Accordingly, we also anticipate a downward trend for Exxon Mobil that has yet to conclude. The construction of Wave E or overarching Wave (A) peaked at approximately $96. The critical question now is whether we're forming a Flat in the form of either a Regular or Expanded Flat.
We'll observe how this unfolds without making speculative judgments due to the unusual nature of witnessing an ABCDE movement towards Wave (A). Over the next year, we expect Exxon Mobil to decline, targeting a retracement between $75 and $50 as the maximum. Any level within this range presents a solid buying opportunity for a long-term investment, anticipating a robust Wave III.

Comment:

Following a significant rise in Exxon over the last few days since our last analysis, we now anticipate completing Wave A in the coming days and then moving into the subordinate Waves B and C of the overarching Wave (B). We expect these to reach between 100% and 138%. However, we'll be able to more accurately determine this once we know where the subordinate Wave B lands. Subsequently, we should fall well below the level of Wave (A). We continue to expect a decline to $75 and, at most, $50 for Exxon, as we are dealing with an overarching Wave II, which should accordingly reach between 50% and 78.6% retracement. Currently, we've been in this range between $120 and $95 for some time.