3M Company Is At Technical Support
3M Company with ticker MMM has been trading bearish for the past 5 years, actually since the beginning of 2018, where we see a completed higher degree wave III.
The wave structure from 2018 highs is in three waves A-B-C, which indicates for a higher degree wave IV correction. We can now see it sitting at interesting 90 support area, especially if we consider equal wave length of waves A=C that stopped at the former wave 3 swing high resistance around that 90 area.
A recovery back above channel resistance line and 210 region would be definitely signal that higher degree wave V is in progress, which would send the price back to all-time highs.
The wave structure from 2018 highs is in three waves A-B-C, which indicates for a higher degree wave IV correction. We can now see it sitting at interesting 90 support area, especially if we consider equal wave length of waves A=C that stopped at the former wave 3 swing high resistance around that 90 area.
A recovery back above channel resistance line and 210 region would be definitely signal that higher degree wave V is in progress, which would send the price back to all-time highs.
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