3M $MMM has been recovering since it fell sharply to the $160 level. At the time it was falling towards $160, I had anticipated further downside towards $140. But a month later, price is back above $170. Still Even if price does not get down to $140, I think there will be some resistance here above $175 up to the $180 area. MMM Daily Chart(click to enlarge)Prevailing Down Swing:- We should first recognize that the prevailing down swing went from a failed bullish breakout to a bearish breakdown. - This is a strong sign that bears are in charge. - Within this context, it is not a big deal that there is a period of bullish correction from $160 to $174 so far. - But as price enters this previous support area between $175-$82, I think MMM will find resistance followed by a push back below $170. - At the moment, I still think MMM is in a medium-term/long-term cyclical bear market that has downside towards the $135 area. This area represents the lows in 2015 and 2016. I will keep dry powder for that area, but maybe start scaling in a small position at $150. - On the other hand, let's say price starts trading sideways above $160. If price eventually breaks above this consolidation, I would anticipate a bullish continuation. - Until that happens, I am still anticipating further downside, especially if price does indeed treat this $175-$180 area as resistance.MMM Weekly Chart(click to enlarge)