America Movil, S.A.B. de C.V. (AMX) provides telecommunication services in Latic America & internationally. The company offers wireless & fixed voice services, including local, domestic & international long-distance services & network interconnection services along with data services. It is based in Mexico, comes under Communication services sector & trades as “AMX” ticket at NYSE.
As showing in previous article, AMX ended wave I as impulse at $22.65 high & proposed ended II correction at $16.13 low on 10/13/2022 low between blue box area. Buyers from the blue box area is already having risk free position. It still needs to break above wave I high to confirm the next leg higher. Short term, it favors correcting lower either in ((2)) or can be double correction in II, if breaks below $16.13 low.
AMX – Elliott Wave latest weekly view
It favored ended ((1)) at $14.77 high on 6/08/2020 & ((2)) at $11.59 low on 9/24/2020. ((2)) was 0.618 Fibonacci retracement of ((1)). While above there, it extended higher third wave extension. It ended ((3)) at $22.60 high on 4/18/2022. While below there, it placed ((4)) at $18.19 low as 0.382 Fibonacci retracement. Finally, it ended ((5)) at $22.65 high on 5/27/2022 as wave I as minor high above ((3)). Below there, it proposed ended II at $16.13 low in blue box area as zigzag.
AMX – Elliott Wave latest daily view
Above II low of $16.13, it placed ((1)) at $20.75 high & favors correcting lower in ((2)). It favored ended 1 of (A) at $17.75 low, while above there it expects bounce in 2 of (A). Later it expects weakness in (A) leg as the part of ((2)). Ideally, ((2)) should hold above $16.13 low to resume higher in ((3)) of III red, which confirms above ((1)) high. Alternatively, if it breaks below $16.13 low, it can do larger double correction in II, which extend further downside between $14.22 – $10.19 area before turning higher.
AMX – Alternate Elliott Wave weekly
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Follow us on Telegram
Stay updated of all the news
EUR/USD stays below 1.0900 as Q1 comes to an end
EUR/USD has lost its traction and declined below 1.0900 in the American session on Friday. Quarter-end flows seem to be allowing the US Dollar find some demand but the risk-positive market environment seems to be limiting the pair's downside ahead of the weekend.
GBP/USD trades below 1.2400, looks to post weekly gains
GBP/USD has edged lower after having tested 1.2400 earlier in the day but remains on track to end the third straight week in positive territory. The upbeat mood remains intact after soft PCE inflation data from the US, making it difficult for the US Dollar to continue to gather strength.
Gold tries to stabilize near $1,980 following earlier spike
Gold price has returned to the $1,980 area following a spike above $1,987 with the initial reaction to lower-than-expected PCE inflation figures from the US. Meanwhile, the benchmark 10-year US Treasury bond yield stays in the red near 3.5%, providing support to XAU/USD.
Will Dogecoin price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. The recent recovery above the range low looks promising and hints at an explosive move for next week.
Week ahead – Nonfarm payrolls to set the tone for US dollar
With the banking turmoil receding, market participants will turn their attention back to economic releases. The spotlight will fall on the US employment report.