SUMMARY
The higher degree of trend for 3M (MMM) has wave 3 as the extended and its blue subwaves concur. The wave 4 correction has already been initiated by a 25% decline that was swift. In equities, it's a bit reverse of Cryptos. The corrections are the swiftest while the impulse waves are slower in climb rate. White wave 4 could potentially target the blue wave 4 zone.
For now, the correction is labeled as an ABC (red). Given how oversold the MACD is, a B wave bounce should occur very soon. As long time followers of my blog know, I often take profits at wave 3. Why? Quite often, the height of wave 3 and 5 are not too different; unless 5 becomes extended. Elliott Waves could have guided such actions for 3M.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
