Elliott Wave Analysis: USDMXN In A Temporary Pullback

Intraday structure of USDMXN suggest that a temporary top can be in place around 18.218, as price made a nice five wave move to the upside, from recent lows at 17.053. Therefore as we know, after every five wave move a minimum three wave retracement usually follows, as in our case recent broken channel support line could indicate a temporary bearish run, with red wave (A) or (1) already completed. Ideally price will continue towards the level of a formal wave four, where some supports can be found before again turning to the upside.

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