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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.
The market is simply meandering between support and resistance, and has yet to commit. So, I will simply review quickly the options before us.My primary count has us in a (b) wave triangle, which, when complete, will resolve with a drop lower to the support box below in a (c) wave. Within that triangle, I am still questioning whether the d-wave is done. But, should we move through the 7480SPX region, then we are likely completing the e-wave of that triangle.As long as we remain below 7480SPX, then we may still be in the d-wave of that triangle.
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.
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