XOM, see blog of 2 days ago, is on its way to $95. This leg up, like all the others, should unfold as a 3 wave structure, so it may take a little longer as the stock vacillates around this $90 level for a little while before going to $95. After that it should be a sell/short
Then and now;
Read the whole blog for a better insight. The stock was expected to go to $10, which it promptly did (there are 3 ways of counting that drop!). It than retraced, as expected, about 50% of that drop and is now , once again on the way down. This could be a b-wave in a much larger a-b-c ultimately targeting about $17+. However, if you look at the big chart on the left, you will see that the stock had already been at $10 many years ago. If it drops below that it would imply overlap and would spell the end of the bull run for this stock for quite some time, a scenario we would favour in any case at this time simple because 5 waves down should never stand alone! Put in a stop-loss at $10.
Then (a year ago) and now charts;
If you read the actual blog from Feb, 2012 you will see that we expected the b-wave to go to about $90. In actuality it went to a little more than $50 to become an irregular b-wave. The moon shot of the past few days, after an expected 13 cents loss turned out to be a 13 cent gain, should go a little further just to close the gap on the way down and to make a 62% retracement. This stock is a good example of why so many investors have fled the scene. This is total nonsense and only gamblers can play this stuff or very large professional outfits which is the same thing. We think this might be a sell again once it gets marginally above $200, a little further than we initially anticipated.
The usual then, Aug 2011 and now charts.
It was a buy at $12.31 but do use a stop just in case water stops burning.