Good day traders!
USD/MXN is trading nicely bearish, unfolding a clear impulsive structure, which we labeled as a bigger blue wave 1 that is still incomplete. That said, currently we see price trading at the end of sub-wave 5 of three, with current intra-day drop suggesting more weakness towards the 19.15 region. There support and a base may be found for bigger red wave 3) and a new temporary correction into wave 4) may follow, with potential resistance being found at the lower Elliott wave channel line.
USD/MXN, 1h
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
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