Elliott wave Analysis: USD/MXN Trading Bearish

Hello traders, and welcome to a new trading week.

On USD/MXN intra-day chart we see price trading in a nice and clear bearish movement down from 19.3752 level which can be labelled as red wave 3) of a bigger cycle. We also see five fully unfolded sub-waves within wave 3), which means a completed impulse, so current rally from the lows can be a temporary recovery in play, labelled as wave 4). Resistance for wave 4) can be near the 18.9215 level(level of a former wave 4) and near the Fibonacci ratio of 38.2. A break in impulsive fashion and below the 18.6813 level will confirm more weakness.

USD/MXN, 1h Chart

usdmxn, intra.

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