• 2 days Ireland Balks At Biden’s Global Tax Plan
  • 4 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 8 days Facial Recognition Is Watching You
  • 9 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 9 days The Fed’s $3 Trillion Headache
  • 12 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 13 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 13 days Delta Variant Real Threat To Economic Recovery
  • 16 days JEDI Drama Continues With Microsoft Contract Cut
  • 19 days DiDi Shares Take a Beating From Chinese Regulators
  • 19 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 20 days Jobs Report Has Big Numbers, But Still Big Problems
  • 20 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 24 days Didi Just Went Public, And Uber Is Loving It
  • 24 days Islamic Finance On Track To Hit $3.7 Trillion
  • 26 days The Lumber Bubble Is Bursting
  • 29 days A New Entry In The Two Trillion Dollar Club
  • 30 days 3 Upcoming IPOs To Watch As IPO Market Rebounds
  • 31 days Welcome To The Used Car Bonanza
  • 32 days The Year Of The Retail Investor Keeps Getting Bigger
Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

Contact Author

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: USDMXN Intraday View

USDMXN has five waves down from 21.40 area, wave A that belongs to a bigger and still ongoing retracement. We are tracking wave 4, which can be headed back to 19.50 area after a completed bounce up in current wave B that can see a top near 21.00 later this week. This whole pullback from the high can be wave four as part of an ending diagonal in context of a bigger Elliott Wave cycle.

USDMXN, 4H

USD/MXN 4-Hour Chart

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.

Basic Ending Diagonal Pattern:

Idealized Elliott Wave Basic Ending Diagonal Pattern

 


Interested in our services? Then visit our homepage at www.ew-forecast.com and take a glace at some of our charts. You can even subscribe to our Twitter account -> @ewforecast

 

Back to homepage

Leave a comment

Leave a comment