ridethepig

Aggressively buying Brazil for the long term

Long
FX_IDC:BRLMXN   BRAZILIAN REAL / MEXICAN PESO
Here we have a very wide ABC in play with the C leg finishing at 7.25 - 7.28.

From a technical perspective, the market has presented a flawless 5 wave impulsive move with a three wave retracement. Those who are betting on the upside will be coming in here at the 50 and 61.8% weekly retracement levels at 5.09; and we can expect a continuation.

There is scope here for as high as 7.25-7.28... here actively working a lot on the buy side in Brazil.

Best of luck, hope this helps and lets see how it goes.

Comments

Thank You.
+1 Reply
ridethepig tlake412
@tlake412, My pleasure...hope it helps..
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