Market Snapshots

3M Wave Analysis – 13 May, 2020

3M Wave Analysis – 13 May, 2020

• 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.

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