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There will be 4 charts of MMM included in this posting series. The following analysis is being completed with the knowledge learned from a book written by Constance Brown, entitled "Technical Analysis for the Trading Professional. The author has discovered that
time and price (here-after referred to as T&P) have an amazing confluence which can provide insight into different trading techniques. Naturally it would be unwise to trade from the T&P signal alone. However, when used as a component of a trading program, T&P analysis can assist with determining dates of superior importance. Three of the following four charts will provide analysis on historical price action in order to assist if you choose to apply it yourself. With the remaining chart I will attempt to determine a future T&P confluence. This forecast will be updated.
This weekly chart of ADBE shows the possibility of a 5th wave decline. There is currently a weekly close above the 38% ret level so it seems unlikely that it will hold at this point. It is much better to wait until the 50% level is tested before short positions are entered.
It looks as though the CME equity is currently going to end its wave cycle. With wave 5 being extended, it is difficult for me to interpret where it is going to end. I am able to measure a Fibonacci extension target which projects a short term top at $322. The first target for the decline is $283 (38.2% ret). These regression lines have also been drawn without the assistance of a regression tool.
Note- All the uptrending and downtrending lines (colour red) are geometrically parallel to each other and have been drawn without the assistance of a regression tool.
There will be 4 charts of MMM included in this posting series. The following analysis is being completed with the knowledge learned from a book written by Constance Brown, entitled "Technical Analysis for the Trading Professional. The author has discovered that time and price (here-after referred to as T&P) have an amazing confluence which can provide insight into different trading techniques. Naturally it would be unwise to trade from the T&P signal alone. However, when used as a component of a trading program, T&P analysis can assist with determining dates of superior importance. Three of the following four charts will provide analysis on historical price action in order to assist if you choose to apply it yourself. With the remaining chart I will attempt to determine a future T&P confluence. This forecast will be updated.
