Elliott wave Analysis: Bulls Taking Over USDMXN

Gregor Horvat Wavetraders

Hi traders,

USDMXN made a nice and clear breach above the upper corrective channel line, connected from October highs which is a suggestion of a completed wave 4) correction and that more gains in view. A rally in five waves is now expected for wave 5), which can take price towards the 20.60 region in upcoming sessions. That said, because we are tracking wave 5), final wave of a bigger impulse, we need to be aware of top that may follow near the 20.60, region and with it a bearish reversal.

USDMXN, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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