From February 13 comment section:
"The second Bearish Rising Wedge (pattern in purple) put 70.07 IN PLAY, which also is a 50% retracement of the Bearish Rising Wedge (pattern in blue) ....
Math:
80.50 - High of the pattern
74.01 - Low of the pattern
80.50 - 74.01 = 6.49 points of downside.
The bottom of the pattern was at 76.56 when it broke on February 10 76.56 - 6.49 pts. - 70.07 IN PLAY.
When you get two targets that are nearly the same (70.07), that increases the chances of getting it, but never any guarantees of course."
It's interesting how close targets can come to getting MADE. Friday's low was 70.21, within fourteen cents of the target. Ooo-oo, that was close! LOL. After nearly three months of sideways trading, XOM has come down to the DOUBLE target very quickly off the DOUBLE pattern breakdown. In an oversold market like this one, it's not a bad idea to cover or at least take some profits when you get this close to a target, if you're short (I'm not...I missed my entry back at the breakdown), and lock in a winner.
65.64 still is IN PLAY. Given the fact that the Symmetrical Triangle (pattern in red) breakdown already has been retested and failed, this looks fine for more downside, eventually, but you never know. "Take profits, or at least some profits, when targets get MADE," or when they come this danged close ;)
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