3M Wave Analysis – 13 May, 2020
May 13, 2020 @ 19:03 +03:00
• 3M broke key support level 141.10
• Likely to fall to 135.00
3M continues to fall after the earlier breakout of the key support level 141.10 (which stopped the (b)-wave of the previous ABC correction 2).
The breakout of the key support level 141.10 accelerated the active short-term impulse waves (iii) and 3 – which belong to the multi-month downward impulse sequence (3) from January.
3M is expected to fall further toward the next support level 135.00 – the breakout of which can lead to further losses toward 131.30.