Market Snapshots

3M Wave Analysis – 28 January, 2020

3M Wave Analysis – 28 January, 2020
  • 3M broke support area
  • Likely to fall to 162.65

3M recently broke below the support area lying between the key support level 171.30 (former resistance from December), support trendline of the daily up channel from October and the 50% Fibonacci correction of the previous upward impulse (i).

The breakout of this support area accelerated the active short-term impulse wave (c).

3M is likely to fall further toward the next support level 162.65 (low of the previous ABC correction B from December).

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