Tuesday, November 3, 2009

$SPX vs XOM

I'm keeping a close eye on XOM as a clue to where $SPX may be heading longer term.
Notice how XOM sold off less then the markets since the 2007 top yet since the bounce off the lows XOM has lagged and seems to be trading within a longer term consolation and in fact price seems to be struggling to get above a very long term uptrend line. I think I can apply a Elliott wave count to XOM that suggests price is about to fail out this level and take us down in a large C wave affair...


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