Sunday, September 20, 2009

Exxon Elliott Chart

The excellent Daneric's Elliott Waves posted a very good wave count on good ol' XOM. Please click on title for more.

A break down out of the triangle projects some significant way, for instance even a C= .618 of A targets 47 or a 33% fall in the stock price from here. It's hard to imagine Exxon dropping like that in a vacuum. Far more likely is a fall in the context of a general resumption of the downtrend in equities and commodities.

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