an M&M ball without stim/medivacs can be dealt with a normal gateway army of stalker sentry zealot
if stim comes in it essentially increases the DPS of the same M&M ball by 1/3
so 30 food army become as strong as a 40 food army.
due to the gateway based army you can now get enough sentrys and upgrades (since you don't waste gas on Tech)
Sentrys now give you at least a good damage reduction of 2/6 against marines
and ~ 2/10,2/20 against marauders.
constant guardian shield cannot negate Stims dmg increase completely but its pretty good.
assuming due to double forge you can get a 1/1 upgrade advantage (compared to terran) you are now on equal footing even with stimmed M&M (without medivacs)
This of course still gets broken by Medivacs, but that is what the direct HT tech is for and assuming again you got charge this helps too, its not actually 100% safe solution, but for now it works.
cause you have alot better mapcontrol than with Colossus tech, cause your lot less immobile, and you can reinforce alot better via warpgates and most likely can keep terran better on their toes so you can get a 3rd alot safer.
Terran could beat this, by equally spending on upgrades to not give protoss upgrade advantage.
which would negate this whole strategy.
(or get ghosts 8D , it is a sentry based build after all)