MMM Wave Analysis – 7 October, 2022
October 07, 2022 @ 19:15 +03:00
• MMM under bearish pressure
• Likely to fall to support level 105.00
MMM under the bearish pressure after the earlier breakout of the round support level 110.00 which stopped the earlier impulse wave i at the end of September), intersecting with the support trendline of the wide down channel from January.
The breakout of the support level 110.00 accelerated the active impulse waves (iii) and 3.
Given the strong long-term downtrend, MMM can be expected to fall further toward the next support level 105.00 (target price for the completion of the active minor impulse wave 3).