MCD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave (2) of 3.
Direction: Downside into wave C of (2).
Details: After breaking ATH at 300$, we’ve seen a pullback which appears to be bullish corrective. We are therefore looking for continuation higher once the pullback is complete.
XOM Elliott Wave technical analysis – Daily chart
In our analysis, we identify a counter trend function characterized by corrective mode and a flat structure. Positioned in Wave (2) of 3, our attention is on the downside movement into wave C of (2). Despite breaking the all-time high (ATH) at $300, we’ve witnessed a pullback that appears to be part of a bullish corrective pattern. Consequently, we anticipate a continuation higher once the pullback completes its course.
MCD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Flat.
Position: Wave C of (2).
Direction: Wave iii of C.
Details: Looking for downside into wave iii as we need complete wave C. We could also see a sideways wave B before resuming lower.
XOM Elliott Wave technical analysis – Four hour chart
Here, we also observe a counter trend function marked by corrective mode and a flat structure. Positioned in Wave C of (2), our focus is on wave iii of C, anticipating downside movement to complete wave C. Additionally, we may see a sideways wave B before the downward trajectory resumes.
MCD Elliott Wave technical analysis [Video]
