XOM Elliott Wave View: Soon Longs Should Be Risk Free
Introduction
In this technical blog, we will look at the past performance of the 4hr Elliott Wave Charts of XOM. In which, the rally from the 23 March 2020 low is unfolding as an impulse and showed a higher high sequence. Therefore, we knew that the structure in XOM is incomplete to the upside for 1…
Analysis
The Elliott Wave Theory is a method of technical analysis that looks at the recurring patterns that occur in the market. XOM has been following a bullish trend since March 2020, indicating that there may be further upside potential for long positions. The structure is incomplete, suggesting that there may be more room for growth in the near future.
Traders who are currently long on XOM should soon be risk-free, as the impulse wave is expected to continue its upward trajectory. This means that there is potential for profit-taking and securing gains on long positions.
Effect on Me
As an investor in XOM, this analysis suggests that there may be further upside potential for the stock. It is important to monitor the Elliott Wave Charts and follow the patterns to make informed decisions about my investment strategy. By understanding the market patterns, I can make better decisions about when to enter or exit a position in XOM.
Effect on the World
If XOM continues to follow the Elliott Wave pattern and shows a higher high sequence, it could have a positive effect on the world economy. XOM is a major player in the energy sector, and a bullish trend in the stock could indicate increased economic activity and growth. This could have a ripple effect on other industries and sectors, stimulating overall economic growth.
Conclusion
In conclusion, the 4hr Elliott Wave Charts of XOM suggest that the rally from the 23 March 2020 low is unfolding as an impulse, with further upside potential. Traders who are long on XOM should soon be risk-free, indicating a positive outlook for the stock. By understanding and following the Elliott Wave Theory, investors can make well-informed decisions about their investment strategy in XOM.
