3M wants to break free from the compound consisting of the red zone between $93.83 and $107.35 and the green zone between $92.38 and $105.93, where it has finished wave (II) in white. To achieve this, the share has already developed convincing upwards momentum, which should soon carry it out of the zone-compound and above the resistance at $117.80. There, 3M should complete wave (3) in red before a counter movement should take it back below this mark. As soon as wave (4) is concluded, though, 3M should resume the overarching ascent. However, there is still a 33% chance that the share could lose its momentum and tumble below the support at $92.38. In that case, we would have to reckon with a new low in the form of wave alt.(II) in white first before a sustainable upwards movement can start.
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📊 Daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter at hkcmglobal.com
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.