I believe that XOM is in its final phase of the major correction that started back in 2008. It looks like it needs to complete wave (4) before making a final decline in wave (5) of (C). Though the corrective waves are very difficult to forecast, I can assume that, based on alternation guidelines, wave (4) could be a wide flat, comparing to a sharp zigzag for wave (2). The operative channel projects the top of wave (4) in the second half of 2022. Until then, I would be expecting a rangebound moves between $25 and $45. The final wave could end in 2024-2025 with current targets $10-20.