Price has been in a downtrend since before covid. Rejected monthly support on a higher timeframe. Below 50 & 200 ema. Rejecting golden fib zone which could also end up being wave E(after wave E a breakout normally occurs). -61.8% target also matches with W formation that hasn't been tested.
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Simply due for a correction. We also have regular bearish divergence. Partials taken at the 38.2, .5, etc... You could also enter with market execution if 2 more 4 h candles close as rejection candles ie doji, spinning top, hammer...
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USDMXN beautifully touched monthly support and rejected with a daily bullish engulfing. I initiated buy on the next daily candle. Daily also shows bullish divergence on obv and we have been in an uptrend since 1999. Great long term setup looking for new highs on monthly. Lets see what happens considering everything going on in the world.
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Price on the weekly formed an M. Price is currently rejecting the weekly resistance to the M as well as showing bearish divergence on 1H tf. first target is weekly 61.8 fib. Final tp is 305.00
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