Elliott wave count for the USDMX

FX:USDMXN   U.S. Dollar/Mexican Peso
370 3 1
Actually we are in the path of a strong rally that came after a smal retracement, this rise questions about the impulsive nature of this movement because ussualy wave ii is more deep, what lead us to think this could be an x wave which should end at the 1:1 relation a with c at 13.60 but if the upside presure increase could extend even longer
but if it bounce back to the 13.22 will have to define the nature of this movement, a break below this level will increase the chances for a x wave and therefore a new correction will form (down side) but if holds above this level then should lead to a new highs.
Nice! Looking at the Peso. Inverse correlation with US markets very high
Yes and eventually the weak peso versus dollar will be worst because the fly to quality will let the peso more vulnerable. Emerging markets tends to suffer more when are panic (if it appears) because the inflow created in the search of profits from the industrialized economies will leave at once when the problems arise
Sorry for the mistake with the count of the down side movement, the general idea do not change but the correct aproach do so here the corrected c)) wave counted here
Correction to the USDMXN count
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