XOM Stock Finds Buyers After Completing Elliott Wave Double Three Pattern

XOM stock has found buyers after completing an Elliott Wave Double Three pattern. The correction from the peak unfolded as a three-wave structure, which completed at the 149.08 low.

The price structure of the pullback looks incomplete at this moment, suggesting more short-term weakness before the next rally takes place.

An analysis using the Elliott Wave chart shows that XOM stock found buyers right at the Equal Legs zone. The key invalidation and target levels for the stock are 158.11-154.14, which marks the area where buyers can regain control and potentially drive the price higher in a three-wave bounce.

The rally from the Equal Legs zone looks impulsive, so it has been labeled as wave ((i)) of a new bullish sequence. The next wave higher is expected to target the 171.6+ area, as long as the price stays above the key level at 155.46.