Technical analysis

3M Wave Analysis – 10 August, 2020

3M Wave Analysis – 10 August, 2020

• 3M rising inside corrective wave (ii)  

• Likely to test to 163.50

3M continues to rise inside the short-term corrective wave (ii) – which started earlier from the key support level 150.00 (which reversed the price in June and July), intersecting with the 38.2% Fibonacci correction of the previous wave (2) from March.

The active corrective wave (ii) belongs to the active short-term downward impulse sequence 3 from the end of June.

3M is likely to rise further toward the next resistance level 163.50 (monthly high from June and the target for the completion of the active wave (ii)).

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