Exxon Mobil Rally Extends Within Wave (5) Elliott Wave Analysis
The Elliott Wave analysis for Exxon Mobil (XOM) indicates that the recent rally is unfolding within wave (5). The stock's price movement from June 25, 2026, can be seen as a five-wave diagonal. Wave (1) concluded at $159.42, followed by a corrective pullback in wave (2) to $149.09.
The advance then resumed in wave (3), reaching $168.64, before the stock pulled back in wave (4) as a double three structure. This sequence completed wave (4) at a higher degree. The subsequent rally unfolded as a diagonal within wave (5).
Wave ((i)) ended at $165.65, while the dip in wave ((ii)) terminated at $158.75. The third wave, ((iii)), carried prices higher to $167.70, before a modest pullback in wave ((iv)) concluded at $163.18.
The final push in wave ((v)) reached $169.45, thereby completing wave 1 of a higher degree. At present, expectations favor a corrective pullback in wave 2, which is anticipated to correct the cycle from the August 28, 2026 low and unfold in either three or seven swings.