USDMXN Eyeing 20.6/20.3 Zone – Elliott wave analysis
USDMXN found a high at the 25.775 level and started turning lower. We are now observing a minimum, three-wave bearish reversal underway, where price is currently unfolding final stages of an impulse in wave III) or C). We can see completed legs I, II, III and now IV, so latest decline from 22.332 level can be part of wave V of III) or C).
Wave V of III) or C) can target 20.57/20.25 region, where Fib. Ratios of 100.0 and 61.8, and the middle Elliott wave channel line can slow the bears down and provide support for a new three-wave bullish turn.
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