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XOM (Exxon Mobil)-- Back on May 19, 2026, a fellow MPTrader member requested an update on XOM. This is what we discussed at that time:My attached Daily Chart setup shows my preferred scenario calling for a near-term peak of the current upmove from the 4/17 low at 141.97 to a target zone from 162 to 165, followed by a rollover and press lower that revisits and possibly breaks the 41/7 low, which also will complete the larger corrective process from the 3/30/26 ATH at 176.41. In other words, my pattern work considers all the price action from the 3/30/26 ATH at 176.
After trading in very sloppy, overlapping corrective wave action over the past several weeks, we saw the market move lower this morning only to jump higher after the FOMC announcement and press conference. The question I now have is whether this sloppy corrective wave action is indeed a larger triangle still needing a push higher to fill out the final wave e of the triangle count, or if we are filling out yet another Ending Diagonal to the downside to finish off the larger wave (c) off of the highs.
Despite all the issues I have outlined with the yellow count over these last several weeks, we have seen something today that is forcing me to be tracking it on the chart a bit more closely now.With the rally in the futures off the overnight low, I can now count a 5-wave structure but ONLY AS A LEADING DIAGONAL, which I do not view as highly trustworthy in and of itself. In other words, while there is some potential that this is a 5-wave rally, I think it is quite reasonable to also view this as a 3-wave rally.
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