MMM Close to Long Setup
Updated
MMMMMM needs a micro abc retrace to the .618 -.786 retrace into the 167.75 region. Several support lines converge in that range to assist the fibonnaci retracement level. If target zone is reached, going long for target between the 1.382 to 1.618 projection area around 189. Stop below the previous low around 162.12. Reasonable 3.5 risk reward with an expected timeline end of Nov 2019.
Note
MMM dropped into the target box with poor structure. The b wave never fully developed leaving the c of this (ii) with poor symmetry. This is no longer a high confidence play.
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