XOM Update

Here is my first post ever on Exxon-Mobile.  It was created on March 3rd of this year.  Now that the month is closing out, I figured it was time for an update.  In short, this is making snail's headway toward its retest of the upper rail from below.  It cannot get there before the entire market is ready to collapse, it all has to happen in unison don't you know.  This is not a conspiracy theory.  It's herding theory.  When the herd reaches the banks of the crocodile-filled river, those getting there first don't just plunge in.  They wait for many of the followers to show up.  Until then, they mill about on the banks scanning the water and sniffing the air. 

Look at that perfect 3 wave pattern that is playing back up into wave 2 of the new bear market that XOM has already very likely entered (even if only EW followers can see it).  To the rest of the world this thing has just created a higher high and so it is time to go "all in".  Jump in is more like it.  Jump into the river and into the waiting jaws of the crocodiles.

The first confirmation of this ending diagonal breakdown was the break back into the channel.  The second confirmation is coming right up - the back test from below (assuming it fails to break out again).  The 3rd will be the killer because the break down below the lower rail is likely going to happen on a 3rd wave down. That should be Prechter's "point of recognition".