Details: Zooming into wave 2 we are looking at a potential rare event in both a leading diagonal in wave {a} and an ending diagonal in wave {c}. Looking for a bounce off equality of {c} vs. {a}. at 110$.

Welcome to our latest Elliott Wave analysis for Exxon Mobil Inc. (XOM) as of June 10, 2024. This analysis provides an in-depth look at XOM's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on XOM's market behavior.

XOM Elliott Wave technical analysis – Daily chart

In our Elliott Wave analysis of Exxon Mobil Inc. (XOM), we observe a counter-trend corrective pattern characterized by a Zigzag structure. XOM is currently positioned in Wave 2, suggesting a bottom in this corrective phase. We anticipate a pullback in Minor wave 2 of (5), indicating that there may have already been a top in wave (5). Traders should closely monitor for signs of a completed correction and the start of a new upward move. The key support level around $110 will be critical for confirming the end of this corrective wave and the resumption of the primary trend.

XOM Elliott Wave technical analysis – Four-hour chart

On the 4-hour chart, XOM is exhibiting a counter-trend corrective mode within a Zigzag structure, specifically in wave {c} of 2. The current analysis shows that wave 2 is featuring a rare scenario with both a leading diagonal in wave {a} and an ending diagonal in wave {c}. We are looking for a bounce at the equality of {c} vs. {a} around the $110 level. If this level holds, it could signal the completion of wave {c} and the end of the corrective phase, providing a potential entry point for traders looking to capitalize on a bullish reversal.

Technical analyst: Alessio Barretta.

XOM Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD remains depressed below mid-1.1800s; downside potential seems limited

The EUR/USD pair attracts some sellers for the second consecutive day on Tuesday and hovers below mid-1.1800s amid a relatively quiet trading action during the Asian session. The broader fundamental backdrop, however, warrants some caution for bearish traders before positioning for deeper losses.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold declines as trading volumes remain subdued due to holidays in China

Gold price extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday. Gold price is trading nearly 0.7% lower at the time of writing as trading volumes stayed thin due to market holidays across China, Hong Kong, and other parts of Asia.

Top Crypto Gainers: Stable, MemeCore and Nexo rally test critical resistance levels

Stable, MemeCore, and Nexo are among the leading gainers in the crypto market over the last 24 hours, while Bitcoin remains below $70,000, suggesting renewed interest in altcoins among investors.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.