XOM - Walk the plank
The american oil industry is on the verge of collapse, at least when we look at Exxon Mobil ... 
XOM
I have great interest in the american oil industry companies such as Exxon Mobil or Chevron, both have made enormous losses since Covid-19 hit the world.
Both Stocks are extremely cheap right now and are possibly setting up for a +100% rallye , at least if we don't break the previous lows.
In the last days i spent several hours looking at the chart and price action of Exxon Mobil , i came to the conclusion that we have formed a very big 1-2 Setup.
Primary scenario: Likelyhood 55%
We are forming a solid 1-2 setup and are setting us up for a 30% rallye to the price target of green wave 1.
Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous low @32.21$, Exxon Mobil will get slaughtered again.
A drop of 15%-20% is very likely and will crush many bullish expectations.
Beware that i don't have any open long positions, i will wait for a solid bullish impulse and then announce my entries!
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If you have questions related to a specific stock or the Elliot Wave theory, feel free to contact me.
XOMI have great interest in the american oil industry companies such as Exxon Mobil or Chevron, both have made enormous losses since Covid-19 hit the world.
Both Stocks are extremely cheap right now and are possibly setting up for a +100% rallye , at least if we don't break the previous lows.
In the last days i spent several hours looking at the chart and price action of Exxon Mobil , i came to the conclusion that we have formed a very big 1-2 Setup.
Primary scenario: Likelyhood 55%
We are forming a solid 1-2 setup and are setting us up for a 30% rallye to the price target of green wave 1.
Alternative scenario: Likelyhood 45%
My alternative scenario will get triggered if we break the previous low @32.21$, Exxon Mobil will get slaughtered again.
A drop of 15%-20% is very likely and will crush many bullish expectations.
Beware that i don't have any open long positions, i will wait for a solid bullish impulse and then announce my entries!
===================================================================================================================
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 regarding our analysis or elliot wave counts feel free to contact us.
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