3M: Approaching the Target Zone

3M stock has recently traced a zigzag pattern on the chart. In the short term, we anticipate further upside, with shares moving into our Target Zone between $184.42 and $202.51. Within this range, we expect to see the peak of the magenta impulse wave (1). Once this level is reached, a corrective wave (2) is likely to set in, pushing price below support at $115.56. Alternatively, it’s possible that the high for wave alt.(1) has already been established. In that scenario, the ongoing alt.(2) would bottom out within the alternative Target Zone between $110.13 and $93.07 (probability: 32%).