Elliott Wave Analysis: USDMXN Searching For A Top Within A Big Correction

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USDMXN is moving slightly higher at this stage, but still only within a complex wave B correction that is expected to find a top near 21.0000. Technically we see a bearish pattern because of that five waves drop on wave A at the start of November, so weakness will be expected to resume towards 20.0000 while 21.3790 holds.

At the moment we are tracking a double zig-zag correction in blue wave B-circled.

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USDMXN, 4h

usdmxn-1

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.