This morning I bought an $MXF stake at the open, and shorted USDMXN
at 20.0022. I think we might be in the presence of an 'ending diagonal triangle', or terminal wedge
, in Elliott Wave
parlance, in particular according to the Neowave
rules. If that's the case, we will a see brutal rally in the Peso, sending USDMXN
down to 16.43 in approximately the time the arrow indicates on chart. My clients are long MXF
but not in the USDMXN
trade, it is a higher risk trade, so only take it if you have higher risk tolerance and don't risk over 1% on it.
The initial move in equities and the peso made absolutely no sense in my opinion after discussing it with Tim West. We've been buying on weakness today, along with my clients and the people over at the Key Hidden Levels chatroom -and with great results if I may add-. Apparently Carl Icahn tagged along, buying a neat 1 billion worth of stocks today.