Since mid-Oct 2008, Exxon Mobil has formed a seemingly bearish Rising Wedge pattern which saw a 30% rise in price action. Price action is currently finding resistance beneath the underside of the broken uptrend support of the Rising Wedge formation. An entrance into a short position with a stop on close above $81 may serve as low-risk trade towards a price objective at $70. Rising Wedge (Reversal)
2 comments:
Any short term influence on XOM from the Gazprom / Ukraine scenario?
Steve, be very carefull with this one, you might have RSI shorting setup on there, but real bear wedges are not any wedges with reactionary waves. I blow last year once my stoploss with eur-yen with same kind of situation.
If you look inside of this triangle, it does not fill well with ew theory as normal wedge should do.
New modern ew theory has recogniced that ie. B wave can take something which looks alike wedge, but it´s not being very accurate analyzed what should be inside of there.
For me this chart looks very complex zigzag wave, could be even triple zigzag.
It looks you´re right with pinpointed direction, but wedge is danger word with IV waves.
If we draw this way a real bear wedge, then SPX would have exact the same now as well as tons of other stocks.
Regards,
JustCharts & Market Geometry Blogger
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