My plan is to let XOM tell me where the bottom lies

What with RSI weekly basis on $SPX yet to build to the crescendo stage and XOM losing it's grip hold of a very important long term trendline, I'll not think about covering anything until XOM reaches it's first measured move objective which lies down around 55ish and hopefully 47ish. The 55 zone on XOM suggests another 16+% decline or 950ish SPX while 47 zone suggests almost 30% from this week's close, if the $SPX can roughly correlate the action in XOM then the lower target comes in at the 800 level...