ew-forecast

Elliott Wave Analysis: Intraday Structure On USDMXN Points Lower

FX:USDMXN   U.S. Dollar/Mexican Peso
On the intraday chart of USDMXN             , we are observing a nice impulsive 5 wave fall and its contra-trend movement labeled as A-B and C, that could already be completed, meaning that more weakness could follow. Looks like that formal wave 4 at 18.7031 and 38.2 Fibonacci ratio became a resistance zone and a possible new turning point lower.

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TomPower
5 months ago
I am confused. You have 5 complete down. How is that bearish?
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ew-forecast PRO TomPower
5 months ago
A five wave move to the downside, then a three wave corrective move A-B-C and then the whole sequnce goes into action again. On the higher time frames, we could say this new drop from 18.721 can be a higher degree wave 3).
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