USDMXN Elliott Wave Analysis: More Weakness Ahead

in #elliottwave • 3 years ago

USDMXN turned sharply and impulsively down from the projected 22 resistance zone after we noticed a complex (W)-(X)-(Y) corrective rally within higher degree wave B, so seems like bears for higher degree wave C are back, which can send the price back to 2021 lows and lower, ideally within a new five-wave bearish cycle. Currently we can see a nice bearish setup formation with subwaves (I) and (II), so seems like it can be ready for further weakness within wave (III) of C, especially if breaks back below 20.0 region
USDMXN 4h Elliott Wave Analysis

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Detailed video analysis here >> https://www.tradingview.com/chart/USDMXN/CgrOPoMQ-USDMXN-Ready-To-Break-20-00-Support/

3 years ago in #elliottwave by
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