3M Wave Analysis 18 November, 2020
November 18, 2020 @ 18:36 +03:00
• 3M reversed from resistance level 173.00
• Likely to fall to 165.00
3M today reversed down from the strong resistance level 173.00 (which has been reversing the price from the middle of September) – intersecting with both the upper daily Bollinger Band and the upper weekly Bollinger Band.
The downward reversal from the resistance level 173.00 started the active short-term impulse wave (c) – which is a part of the ABC correction 2 from October.
3M is likely to fall further toward the next support level 165.00 (which is the bottom of the previous minor correction (a)).