7pasos

Mexican Peso in an impulsive rally?

FX:USDMXN   U.S. Dollar/Mexican Peso
212 0 1
Following with the USDMXN             elliott wave analysis, the last time were talking about a upside movement than we then expected to be longer and after that a decline, well the decline has probed as far as now that the possible 3rd upside wave still not in way because the penetration of the 12.5870 support, but yet cant discard an upside impulse in it's first stages.

The elliott wave theory I present today talks about an a first impulse that will be retraced at least 2/3rds by an expanded flat.

Is kind of a long shot because the b)) wave have more face of impulse than a correction, but a double zigzag can't be ruled out and considering that the rally did not exceeded by much the 161.8% proportion of the possible wave a), then still a chance for it, More yet if we considere the actual retrace is taking form of an impulse.

So if this continue the projection is the end of the downside movement at the 12.32 or below, and will keep possible as long the price 1) keep the impulsive down pattern and do not break below the 11.93 level.
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